Canadian Solar (NASDAQ:CSIQ) Reaches New 52-Week Low at $12.14

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $12.14 and last traded at $12.17, with a volume of 704244 shares traded. The stock had previously closed at $12.63.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CSIQ shares. UBS Group dropped their price target on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. Roth Mkm dropped their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Oppenheimer decreased 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, The Goldman Sachs Group decreased their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, August 26th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $23.33.

Canadian Solar Trading Up 0.4 %

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82. The company has a market capitalization of $827.65 million, a price-to-earnings ratio of 4.34, a price-to-earnings-growth ratio of 3.29 and a beta of 1.29. The business’s 50 day simple moving average is $14.77 and its 200 day simple moving average is $16.88.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the previous year, the business posted $2.39 earnings per share. The business’s revenue was down 30.8% compared to the same quarter last year. Research analysts anticipate that Canadian Solar Inc. will post 0.15 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP purchased a new position in shares of Canadian Solar during the first quarter valued at approximately $989,000. Schroder Investment Management Group lifted its stake in shares of Canadian Solar by 15.7% during the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after buying an additional 213,959 shares during the period. D. Scott Neal Inc. purchased a new position in shares of Canadian Solar during the second quarter valued at approximately $3,898,000. BNP Paribas Financial Markets raised its stake in Canadian Solar by 30.9% during the first quarter. BNP Paribas Financial Markets now owns 198,646 shares of the solar energy provider’s stock worth $3,925,000 after purchasing an additional 46,888 shares during the period. Finally, Private Advisor Group LLC purchased a new position in Canadian Solar during the fourth quarter worth approximately $201,000. 52.36% of the stock is currently 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.