Canadian Solar (NASDAQ:CSIQ) Stock Price Down 3.8% on Analyst Downgrade

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price was down 3.8% during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $9.00 to $8.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Canadian Solar traded as low as $9.42 and last traded at $9.4350. Approximately 190,591 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 2,575,519 shares. The stock had previously closed at $9.81.

Several other equities analysts have also recently commented on the stock. Citigroup reduced their price objective on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. Mizuho reduced their target price on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, August 28th. UBS Group decreased their target price on Canadian Solar from $25.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, October 14th. Zacks Research lowered Canadian Solar from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Finally, Glj Research reaffirmed a “sell” rating and issued a $5.58 price target on shares of Canadian Solar in a report on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $16.22.

Institutional Trading of Canadian Solar

Hedge funds have recently made changes to their positions in the stock. Caisse de depot et placement du Quebec bought a new position in shares of Canadian Solar during the 2nd quarter valued at $2,262,141,000. Wellington Management Group LLP bought a new stake in Canadian Solar in the second quarter worth $1,018,259,000. Deutsche Bank AG bought a new stake in Canadian Solar in the second quarter worth $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Canadian Solar in the second quarter worth $676,361,000. Finally, BlackRock Inc. purchased a new stake in Canadian Solar during the second quarter valued at about $85,219,000. 52.36% of the stock is owned by institutional investors.

Canadian Solar Trading Up 2.1%

The firm’s 50-day simple moving average is $12.45 and its 200-day simple moving average is $14.57. The company has a quick ratio of 0.78, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $663.38 million, a PE ratio of -2.54 and a beta of 1.53.

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). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the prior year, the firm posted ($0.53) EPS. The firm’s quarterly revenue was down 28.7% on a year-over-year basis. Equities analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current year.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.