Canadian Solar (NASDAQ:CSIQ) Hits New 52-Week Low – Should You Sell?

Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low during trading on Tuesday . The stock traded as low as $10.09 and last traded at $10.31, with a volume of 341685 shares changing hands. The stock had previously closed at $10.70.

Analyst Ratings Changes

Several brokerages recently commented on CSIQ. Jefferies Financial Group assumed coverage on Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target for the company. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Wells Fargo & Company reduced their target price on 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, Mizuho assumed coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $18.31.

Canadian Solar Trading Down 5.2 %

The company has a market capitalization of $671.19 million, a price-to-earnings ratio of -84.50, a price-to-earnings-growth ratio of 0.68 and a beta of 1.27. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The business has a fifty day moving average price of $11.82 and a 200 day moving average price of $13.34.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data 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. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. Canadian Solar’s quarterly revenue was down 18.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 earnings per share. On average, equities analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

A number of institutional investors and hedge funds have recently modified their holdings of the company. USCF Advisers LLC grew its position 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 acquiring an additional 1,000 shares during the period. Quarry LP bought a new stake in Canadian Solar in the second quarter valued at $31,000. Miracle Mile Advisors LLC bought a new stake in Canadian Solar in the fourth quarter valued at $133,000. Daiwa Securities Group Inc. grew its position in 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 during the period. Finally, Private Advisor Group LLC bought a new stake in Canadian Solar in the third quarter valued at $219,000. 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.