Canadian Solar (NASDAQ:CSIQ) Sets New 1-Year Low on Analyst Downgrade

Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $9.00 to $8.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Canadian Solar traded as low as $9.30 and last traded at $9.57, with a volume of 1,913,503 shares changing hands. The stock had previously closed at $9.81.

Other research analysts also recently issued reports about the company. UBS Group decreased their price target on Canadian Solar from $25.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, October 14th. Zacks Research cut Canadian Solar from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Wells Fargo & Company cut their price objective on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, August 31st. Mizuho decreased their target price on shares of Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday, August 28th. Finally, Weiss Ratings cut shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $16.22.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company acquired a new position in Canadian Solar in the 2nd quarter valued at $631,683,000. Deutsche Bank AG bought a new stake in shares of Canadian Solar during the 2nd quarter valued at $722,850,000. Bank of America Corp DE bought a new stake in shares of Canadian Solar during the 2nd quarter valued at $151,417,000. Hsbc Holdings PLC lifted its position in shares of Canadian Solar by 170.5% during the 2nd quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock valued at $5,220,000 after acquiring an additional 205,397 shares during the period. Finally, BlackRock Inc. acquired a new stake in shares of Canadian Solar during the 2nd quarter worth $59,238,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Trading Up 0.6%

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02. The company has a market capitalization of $667.46 million, a price-to-earnings ratio of -2.56 and a beta of 1.53. The firm has a fifty day moving average price of $12.34 and a 200-day moving average price of $14.54.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the previous year, the business posted ($0.53) EPS. The firm’s revenue for the quarter was down 28.7% on a year-over-year basis. As a group, equities analysts anticipate that Canadian Solar Inc. will post -2.93 EPS for the current year.

About Canadian Solar

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.