Canadian Solar (NASDAQ:CSIQ) Trading Down 5.1%

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price was down 5.1% during trading on Thursday . The company traded as low as $14.27 and last traded at $14.35. Approximately 1,712,310 shares were traded during trading, an increase of 24% from the average daily volume of 1,381,122 shares. The stock had previously closed at $15.12.

Analysts Set New Price Targets

CSIQ has been the subject of several recent research reports. Daiwa Capital Markets initiated coverage on shares of Canadian Solar in a research report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price target for the company. Citigroup decreased their price target on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. The Goldman Sachs Group reduced their target price on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $31.78.

Canadian Solar Price Performance

The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $929.59 million, a price-to-earnings ratio of 3.71, a price-to-earnings-growth ratio of 0.23 and a beta of 1.26. The stock’s 50-day moving average price is $19.53 and its 200-day moving average price is $21.35.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.11. The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.69 billion. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The business’s revenue for the quarter was down 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.11 EPS. Equities research analysts anticipate that Canadian Solar Inc. will post 2.58 earnings per share for the current year.

Institutional Trading of Canadian Solar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Credit Suisse AG boosted its stake in shares of Canadian Solar by 4.7% in the 2nd quarter. Credit Suisse AG now owns 8,391 shares of the solar energy provider’s stock valued at $325,000 after purchasing an additional 375 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Canadian Solar by 3.4% in the second quarter. Envestnet Asset Management Inc. now owns 11,470 shares of the solar energy provider’s stock valued at $444,000 after acquiring an additional 377 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Canadian Solar by 3.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 17,999 shares of the solar energy provider’s stock worth $696,000 after acquiring an additional 528 shares during the period. Cetera Advisor Networks LLC raised its position in shares of Canadian Solar by 3.5% during the 4th quarter. Cetera Advisor Networks LLC now owns 15,455 shares of the solar energy provider’s stock valued at $405,000 after acquiring an additional 529 shares during the last quarter. Finally, Toroso Investments LLC lifted its stake in shares of Canadian Solar by 24.2% in the 3rd quarter. Toroso Investments LLC now owns 2,727 shares of the solar energy provider’s stock valued at $102,000 after purchasing an additional 531 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.