Canadian Solar (NASDAQ:CSIQ) Reaches New 12-Month Low – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price reached a new 52-week low during trading on Monday . The stock traded as low as $9.77 and last traded at $9.71, with a volume of 289131 shares. The stock had previously closed at $10.31.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Wells Fargo & Company dropped their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Jefferies Financial Group assumed coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price on the stock. Finally, Mizuho assumed coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.31.

Canadian Solar Price Performance

The company’s 50 day simple moving average is $11.61 and its 200 day simple moving average is $13.07. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $670.20 million, a PE ratio of -84.42, a PEG ratio of 0.68 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. Canadian Solar’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 earnings per share. On average, equities analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. USCF Advisers LLC increased its holdings in Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after buying an additional 1,000 shares during the last quarter. Miracle Mile Advisors LLC acquired a new position in Canadian Solar during the 4th quarter valued at about $133,000. Daiwa Securities Group Inc. boosted its holdings in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after acquiring an additional 1,500 shares in the last quarter. Private Advisor Group LLC acquired a new stake in Canadian Solar in the third quarter worth approximately $219,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after acquiring an additional 4,739 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

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.