Canadian Solar (NASDAQ:CSIQ) Stock Price Down 5.1%

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price fell 5.1% on Thursday . The company traded as low as $14.27 and last traded at $14.35. 1,712,310 shares changed hands during trading, an increase of 24% from the average session volume of 1,381,122 shares. The stock had previously closed at $15.12.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CSIQ. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Wells Fargo & Company lowered their price target on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 19th. Daiwa Capital Markets began coverage on Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price objective on the stock. The Goldman Sachs Group reduced their price objective on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, Citigroup dropped their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $31.78.

Canadian Solar Price Performance

The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average of $19.53 and a 200-day moving average of $21.35. The stock has a market capitalization of $929.59 million, a P/E ratio of 3.71, a PEG ratio of 0.23 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.69 billion. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The company’s revenue for the quarter was down 13.7% on a year-over-year basis. During the same period last year, the firm posted $1.11 EPS. Sell-side analysts predict that Canadian Solar Inc. will post 2.58 EPS for the current year.

Institutional Trading of Canadian Solar

A number of large investors have recently modified their holdings of CSIQ. Quarry LP grew its stake in shares of Canadian Solar by 1,268.6% in the first quarter. Quarry LP now owns 958 shares of the solar energy provider’s stock worth $38,000 after purchasing an additional 888 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in Canadian Solar by 115.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after buying an additional 589 shares during the period. State of Tennessee Treasury Department bought a new stake in shares of Canadian Solar during the 2nd quarter worth about $54,000. Adirondack Trust Co. lifted its stake in shares of Canadian Solar by 200.0% in the 3rd quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock worth $37,000 after acquiring an additional 1,000 shares during the period. Finally, USCF Advisers LLC lifted its stake in shares of Canadian Solar by 87.5% in the 4th quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock worth $39,000 after acquiring an additional 700 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.