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

Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $10.43 and last traded at $10.59, with a volume of 456911 shares changing hands. The stock had previously closed at $10.84.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CSIQ shares. Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. 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. Wells Fargo & Company cut their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Mizuho started coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 17th. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Trading Up 4.1 %

The firm has a 50 day moving average price of $11.83 and a 200-day moving average price of $13.45. 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 released its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the company posted $0.32 EPS. The company’s revenue was down 18.4% compared to the same quarter last year. Research analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers grew its stake in shares of Canadian Solar by 34.6% during the second quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock worth $287,000 after purchasing an additional 5,003 shares during the period. American Century Companies Inc. grew its position in shares of Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock worth $276,000 after buying an additional 1,383 shares during the period. Marshall Wace LLP increased its stake in shares of Canadian Solar by 26.3% in the 2nd quarter. Marshall Wace LLP now owns 60,143 shares of the solar energy provider’s stock valued at $887,000 after acquiring an additional 12,513 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after acquiring an additional 1,037,800 shares during the period. Finally, Scientech Research LLC bought a new position in Canadian Solar during the 2nd quarter worth approximately $504,000. Institutional investors own 52.36% of the company’s stock.

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.