Canadian Solar (NASDAQ:CSIQ) Shares Down 7.9% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) dropped 7.9% on Tuesday . The stock traded as low as $26.82 and last traded at $25.38. Approximately 727,736 shares changed hands during trading, a decline of 70% from the average daily volume of 2,396,799 shares. The stock had previously closed at $27.55.

Analyst Ratings Changes

Several analysts have recently commented on the company. UBS Group raised their target price on Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Daiwa Capital Markets raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a research note on Tuesday. Citigroup restated a “sell” rating and set a $11.00 price objective on shares of Canadian Solar in a report on Tuesday, October 21st. Jefferies Financial Group reiterated a “hold” rating and issued a $19.64 target price (up from $13.70) on shares of Canadian Solar in a report on Monday, November 3rd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar presently has an average rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Price Performance

The firm has a market cap of $1.66 billion, a P/E ratio of -68.69 and a beta of 1.29. The company has a fifty day moving average of $20.35 and a 200-day moving average of $14.57. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.08) by $0.50. The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.37 billion. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.31) EPS. On average, sell-side analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp grew its holdings in shares of Canadian Solar by 7.4% in the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after acquiring an additional 405,800 shares in the last quarter. Invesco Ltd. boosted its position in Canadian Solar by 15.5% in the first quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider’s stock worth $19,995,000 after purchasing an additional 310,564 shares during the last quarter. Legal & General Group Plc boosted its position in Canadian Solar by 13.0% in the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after purchasing an additional 236,115 shares during the last quarter. Shah Capital Management grew its stake in Canadian Solar by 9.2% in the 1st quarter. Shah Capital Management now owns 1,906,285 shares of the solar energy provider’s stock valued at $16,489,000 after purchasing an additional 160,739 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. increased its position in shares of Canadian Solar by 60.4% during the 1st quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,115,861 shares of the solar energy provider’s stock valued at $9,652,000 after purchasing an additional 420,000 shares during 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.