Canadian Solar (NASDAQ:CSIQ) Reaches New 52-Week Low – Here’s Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $9.13 and last traded at $9.37, with a volume of 408586 shares traded. The stock had previously closed at $9.59.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. The Goldman Sachs Group reduced their price objective on Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research note on Wednesday. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Citigroup lowered their price objective on Canadian Solar from $12.00 to $11.00 and set a “sell” rating for the company in a research note on Wednesday. Wells Fargo & Company dropped their target price on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Finally, Mizuho started coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target for the company. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Canadian Solar has a consensus rating of “Hold” and a consensus target price of $17.84.

Canadian Solar Stock Down 3.8 %

The firm has a market capitalization of $610.32 million, a PE ratio of -77.21, a P/E/G ratio of 0.74 and a beta of 1.34. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The stock has a 50-day simple moving average of $10.30 and a 200-day simple moving average of $12.06.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) EPS. Analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. USCF Advisers LLC lifted its holdings in shares of Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after acquiring an additional 1,000 shares during the last quarter. Daiwa Securities Group Inc. increased its stake 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Canadian Solar by 1.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock valued at $1,847,000 after purchasing an additional 1,522 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after purchasing an additional 3,347 shares during the last quarter. Finally, Shell Asset Management Co. boosted its holdings in shares of Canadian Solar by 11.4% in the 4th quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock worth $450,000 after purchasing an additional 4,134 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

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.