Canadian Solar (NASDAQ:CSIQ) Stock Price Down 4.6% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price traded down 4.6% during mid-day trading on Monday . The stock traded as low as $11.98 and last traded at $12.10. 261,469 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 1,736,454 shares. The stock had previously closed at $12.69.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CSIQ. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $14.00 to $11.00 in a report on Tuesday. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 5th. Finally, Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective on the stock. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and a consensus target price of $18.58.

Canadian Solar Trading Up 0.1 %

The company has a 50 day moving average of $12.80 and a two-hundred day moving average of $14.36. The stock has a market capitalization of $772.08 million, a PE ratio of -97.25, a P/E/G ratio of 8.89 and a beta of 1.29. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company’s revenue was down 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. Sell-side analysts predict that Canadian Solar Inc. will post 0.06 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Mackenzie Financial Corp lifted its position in Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after acquiring an additional 1,037,800 shares during the period. SIR Capital Management L.P. purchased a new stake in Canadian Solar in the second quarter valued at approximately $3,994,000. Foundry Partners LLC acquired a new position in Canadian Solar in the 2nd quarter worth approximately $3,667,000. Cerity Partners LLC raised its position in Canadian Solar by 131.5% during the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after buying an additional 243,542 shares during the last quarter. Finally, Barclays PLC raised its position in Canadian Solar by 494.4% during the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after buying an additional 95,924 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

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.