Canadian Solar (NASDAQ:CSIQ) Reaches New 12-Month Low at $28.05

Canadian Solar Inc. (NASDAQ:CSIQ) shares reached a new 52-week low on Thursday . The stock traded as low as $28.05 and last traded at $28.10, with a volume of 58550 shares changing hands. The stock had previously closed at $29.72.

Several equities analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Canadian Solar in a research report on Monday, November 22nd. They set an “equal weight” rating and a $44.00 price target for the company. Citigroup reduced their price target on shares of Canadian Solar from $53.00 to $46.00 and set a “buy” rating for the company in a research report on Tuesday, December 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $45.57.

The company has a quick ratio of 0.90, a current ratio of 1.19 and a debt-to-equity ratio of 0.40. The stock has a market cap of $1.70 billion, a P/E ratio of 24.15 and a beta of 1.47. The business’s 50-day simple moving average is $33.96 and its two-hundred day simple moving average is $36.56.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, November 18th. The solar energy provider reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.24. Canadian Solar had a net margin of 1.59% and a return on equity of 3.55%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business earned $0.15 earnings per share. The company’s quarterly revenue was up 34.4% on a year-over-year basis. Analysts anticipate that Canadian Solar Inc. will post 1.27 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in CSIQ. First Trust Advisors LP boosted its position in shares of Canadian Solar by 3.9% in the first quarter. First Trust Advisors LP now owns 57,098 shares of the solar energy provider’s stock valued at $1,064,000 after acquiring an additional 2,148 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Canadian Solar by 13.4% in the second quarter. Russell Investments Group Ltd. now owns 34,514 shares of the solar energy provider’s stock valued at $1,547,000 after acquiring an additional 4,087 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Canadian Solar by 43.3% in the second quarter. Envestnet Asset Management Inc. now owns 8,256 shares of the solar energy provider’s stock valued at $370,000 after acquiring an additional 2,493 shares during the period. Van ECK Associates Corp boosted its position in shares of Canadian Solar by 243.9% in the second quarter. Van ECK Associates Corp now owns 35,749 shares of the solar energy provider’s stock valued at $1,603,000 after acquiring an additional 25,354 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Canadian Solar by 156.8% in the second quarter. BNP Paribas Arbitrage SA now owns 81,053 shares of the solar energy provider’s stock valued at $3,634,000 after acquiring an additional 49,486 shares during the period. Institutional investors own 42.42% of the company’s stock.

About Canadian Solar (NASDAQ:CSIQ)

Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules and provides solar energy solutions. It operates through the Module and System Solutions (MSS) and Energy segments. The MSS segment involves in the design, development, manufacture, and sales of solar power products and solar system kits, and operation and maintenance services.

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