Canadian Solar (NASDAQ:CSIQ) Trading Down 5.7% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) fell 5.7% on Wednesday . The company traded as low as $11.64 and last traded at $11.54. 1,088,087 shares traded hands during trading, a decline of 59% from the average daily volume of 2,676,776 shares. The stock had previously closed at $12.24.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Roth Capital set a $15.00 price target on Canadian Solar in a research note on Friday, August 28th. Wells Fargo & Company reduced their target price on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, August 31st. Citigroup decreased their target price on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, August 27th. Weiss Ratings downgraded shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Finally, Mizuho reduced their price objective on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, August 28th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and an average price target of $17.75.

Canadian Solar Stock Down 6.9%

The company has a market capitalization of $773.72 million, a PE ratio of -3.01 and a beta of 1.51. The business has a 50-day moving average of $14.45 and a 200 day moving average of $15.45. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. Canadian Solar’s revenue for the quarter was down 28.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.53) EPS. Equities research analysts predict that Canadian Solar Inc. will post -2.93 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in CSIQ. Mraz Amerine & Associates Inc. purchased a new position in Canadian Solar during the second quarter valued at approximately $188,000. Susquehanna Fundamental Investments LLC purchased a new stake in Canadian Solar during the 2nd quarter worth approximately $166,000. Hsbc Holdings PLC lifted its stake in shares of Canadian Solar by 170.5% during the second quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock worth $5,220,000 after buying an additional 205,397 shares during the period. Wellington Management Group LLP purchased a new stake in Canadian Solar during the 2nd quarter valued at about $1,018,259,000. Finally, Kingsview Wealth Management LLC purchased a new position in Canadian Solar during the 2nd quarter worth approximately $357,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ:CSIQ) is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.