Canadian Solar Inc. (NASDAQ:CSIQ)’s share price dropped 5.8% during mid-day trading on Monday . The stock traded as low as $21.35 and last traded at $21.41, approximately 787,737 shares changed hands during trading. A decline of 3% from the average daily volume of 814,288 shares. The stock had previously closed at $22.72.

Several equities research analysts recently commented on CSIQ shares. Zacks Investment Research raised Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Thursday, June 20th. ValuEngine lowered shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Tuesday. BidaskClub lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. Roth Capital lifted their target price on shares of Canadian Solar from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Finally, Cascend Securities reissued a “buy” rating and issued a $30.00 target price (up from $25.00) on shares of Canadian Solar in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $25.50.

The company has a quick ratio of 0.87, a current ratio of 0.99 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 6.46, a P/E/G ratio of 0.22 and a beta of 2.02. The company’s 50-day simple moving average is $22.26 and its 200 day simple moving average is $21.05.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, August 15th. The solar energy provider reported $0.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.54. Canadian Solar had a return on equity of 14.80% and a net margin of 7.01%. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $990.29 million. During the same period last year, the company earned $0.26 earnings per share. The business’s revenue was up 59.4% compared to the same quarter last year. On average, equities analysts expect that Canadian Solar Inc. will post 2.98 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP raised its stake in shares of Canadian Solar by 0.9% in the 2nd quarter. First Trust Advisors LP now owns 57,623 shares of the solar energy provider’s stock valued at $1,258,000 after acquiring an additional 525 shares in the last quarter. Advisor Group Inc. lifted its holdings in Canadian Solar by 14.7% in the 2nd quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock worth $107,000 after purchasing an additional 629 shares during the last quarter. Northern Trust Corp boosted its position in Canadian Solar by 1.1% during the second quarter. Northern Trust Corp now owns 86,086 shares of the solar energy provider’s stock worth $1,879,000 after purchasing an additional 976 shares during the period. C M Bidwell & Associates Ltd. boosted its position in Canadian Solar by 30.0% during the second quarter. C M Bidwell & Associates Ltd. now owns 4,530 shares of the solar energy provider’s stock worth $99,000 after purchasing an additional 1,045 shares during the period. Finally, Bank of Montreal Can boosted its position in Canadian Solar by 59.4% during the second quarter. Bank of Montreal Can now owns 2,951 shares of the solar energy provider’s stock worth $65,000 after purchasing an additional 1,100 shares during the period. 41.32% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar (NASDAQ:CSIQ)

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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