Canadian Solar (NASDAQ:CSIQ) Hits New 1-Year Low at $13.91

Canadian Solar Inc. (NASDAQ:CSIQ) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $13.91 and last traded at $14.01, with a volume of 1865716 shares changing hands. The stock had previously closed at $14.75.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CSIQ. Citigroup cut their price target on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. UBS Group dropped their price objective on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, June 12th. Wells Fargo & Company decreased their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 19th. Finally, Daiwa Capital Markets began coverage on Canadian Solar in a research note on Monday, March 11th. They set a “neutral” rating and a $21.00 price target on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $28.89.

Canadian Solar Trading Down 5.0 %

The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The firm has a market cap of $926.90 million, a P/E ratio of 5.12, a price-to-earnings-growth ratio of 0.28 and a beta of 1.29. The firm’s 50-day simple moving average is $16.91 and its 200 day simple moving average is $19.78.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, May 9th. The solar energy provider reported $0.19 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same period last year, the firm earned $1.19 EPS. Canadian Solar’s revenue for the quarter was down 21.1% on a year-over-year basis. As a group, analysts expect that Canadian Solar Inc. will post 2.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in CSIQ. Qube Research & Technologies Ltd grew its position in Canadian Solar by 2.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 121,259 shares of the solar energy provider’s stock worth $2,984,000 after acquiring an additional 2,640 shares during the last quarter. Bank of Nova Scotia purchased a new position in shares of Canadian Solar in the third quarter worth $526,000. Schonfeld Strategic Advisors LLC raised its holdings in Canadian Solar by 245.6% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 122,253 shares of the solar energy provider’s stock valued at $3,009,000 after buying an additional 86,876 shares during the last quarter. Schroder Investment Management Group boosted its position in Canadian Solar by 13.4% during the 3rd quarter. Schroder Investment Management Group now owns 1,361,724 shares of the solar energy provider’s stock valued at $33,512,000 after buying an additional 161,224 shares during the period. Finally, Creative Planning grew its holdings in Canadian Solar by 103.3% in the 3rd quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after acquiring an additional 205,671 shares during the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

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