Canadian Solar (NASDAQ:CSIQ) Trading Down 6.7% – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price dropped 6.7% during mid-day trading on Tuesday . The company traded as low as $12.02 and last traded at $11.9410. Approximately 571,672 shares were traded during trading, a decline of 80% from the average daily volume of 2,867,861 shares. The stock had previously closed at $12.80.

Wall Street Analyst Weigh In

CSIQ has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Oppenheimer reduced their price objective on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, March 20th. Mizuho reduced their price objective on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Roth Mkm reduced their price objective on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Finally, Freedom Capital raised Canadian Solar from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Canadian Solar currently has an average rating of “Hold” and a consensus target price of $17.66.

Canadian Solar Stock Down 5.9%

The company has a quick ratio of 0.83, a current ratio of 1.02 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $806.32 million, a P/E ratio of -4.82 and a beta of 1.37. The firm has a 50-day moving average price of $17.70 and a two-hundred day moving average price of $19.91.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) EPS for the quarter. The firm had revenue of $1.22 billion during the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%. Equities research analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. lifted its holdings in shares of Canadian Solar by 19.3% during the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after acquiring an additional 356,625 shares during the period. Legal & General Group Plc increased its stake in shares of 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 valued at $26,741,000 after buying an additional 236,115 shares in the last quarter. Polunin Capital Partners Ltd acquired a new stake in shares of Canadian Solar in the fourth quarter valued at $43,692,000. Two Sigma Investments LP acquired a new stake in shares of Canadian Solar in the third quarter valued at $11,544,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Canadian Solar by 20.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after buying an additional 145,867 shares in the last quarter. 52.36% of the stock is owned by institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.