Canadian Solar (NASDAQ:CSIQ) Stock Price Down 4.4% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded down 4.4% during trading on Thursday . The company traded as low as $11.27 and last traded at $11.28. 1,255,087 shares traded hands during trading, a decline of 27% from the average session volume of 1,720,534 shares. The stock had previously closed at $11.80.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CSIQ shares. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. The Goldman Sachs Group cut their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Roth Mkm decreased their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Oppenheimer cut their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. Finally, Glj Research boosted their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $20.59.

Canadian Solar Stock Performance

The company’s 50-day moving average is $13.84 and its two-hundred day moving average is $15.07. The company has a market cap of $747.61 million, a P/E ratio of 23.14, a price-to-earnings-growth ratio of 3.61 and a beta of 1.34. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. Canadian Solar’s revenue was down 30.8% compared to the same quarter last year. During the same period last year, the business earned $2.39 earnings per share. Equities analysts predict that Canadian Solar Inc. will post 0.12 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP purchased a new stake in Canadian Solar during the second quarter valued at approximately $31,000. Daiwa Securities Group Inc. raised its holdings in shares of Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after acquiring an additional 1,500 shares in the last quarter. Private Advisor Group LLC bought a new position in Canadian Solar during the third quarter valued at $219,000. Northwestern Mutual Wealth Management Co. grew its position in Canadian Solar by 43.1% in 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 in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Canadian Solar by 27.6% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock valued at $257,000 after purchasing an additional 3,768 shares during the last quarter. 52.36% of the stock is owned by 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.