Canadian Solar (NASDAQ:CSIQ) Sets New 1-Year Low – What’s Next?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low on Monday . The stock traded as low as $9.77 and last traded at $9.71, with a volume of 289131 shares traded. The stock had previously closed at $10.31.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Mizuho assumed 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 on the stock. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Finally, StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday. Five analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $18.31.

Canadian Solar Stock Down 5.4 %

The company has a market capitalization of $645.32 million, a PE ratio of -81.33, a price-to-earnings-growth ratio of 0.68 and a beta of 1.26. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The firm’s 50-day simple moving average is $11.73 and its 200 day simple moving average is $13.16.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the company posted $0.32 EPS. The business’s revenue was down 18.4% on a year-over-year basis. As a group, equities research analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Trading of Canadian Solar

Institutional investors have recently added to or reduced their stakes in the business. USCF Advisers LLC increased its stake in shares of 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 purchasing an additional 1,000 shares during the period. Quarry LP acquired a new stake in shares of Canadian Solar in the second quarter valued at approximately $31,000. Miracle Mile Advisors LLC acquired a new stake in shares of Canadian Solar in the fourth quarter valued at approximately $133,000. Daiwa Securities Group Inc. increased its stake in shares of 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 purchasing an additional 1,500 shares during the period. Finally, Private Advisor Group LLC bought a new position in shares of Canadian Solar in the third quarter valued at approximately $219,000. 52.36% of the stock is owned by hedge funds and other 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.