Canadian Solar (NASDAQ:CSIQ) Sets New 12-Month Low – Here’s What Happened

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $9.29 and last traded at $9.35, with a volume of 1078827 shares changing hands. The stock had previously closed at $9.84.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Jefferies Financial Group started coverage on Canadian Solar in a research report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target for the company. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Mizuho began coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target for the company. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Finally, The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.31.

Canadian Solar Price Performance

The firm has a 50-day simple moving average of $10.87 and a 200-day simple moving average of $12.32. The firm has a market capitalization of $635.79 million, a PE ratio of -80.08, a PEG ratio of 0.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp increased its stake in shares of Canadian Solar by 6.9% in the 4th quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock worth $61,422,000 after purchasing an additional 357,900 shares in the last quarter. Shell Asset Management Co. grew its holdings in Canadian Solar by 11.4% during the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock valued at $450,000 after purchasing an additional 4,134 shares during the period. Deutsche Bank AG bought a new stake in Canadian Solar during the fourth quarter valued at about $308,000. Bayesian Capital Management LP purchased a new stake in Canadian Solar in the fourth quarter worth about $331,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Canadian Solar by 32.0% in the fourth quarter. BNP Paribas Financial Markets now owns 323,238 shares of the solar energy provider’s stock worth $3,594,000 after buying an additional 78,306 shares during the period. 52.36% of the stock is currently owned by institutional investors.

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.