Canadian Solar (NASDAQ:CSIQ) Hits New 12-Month Low – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price reached a new 52-week low on Thursday . The stock traded as low as $10.86 and last traded at $10.8280, with a volume of 112273 shares changing hands. The stock had previously closed at $11.34.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CSIQ. Roth Capital set a $15.00 price objective on shares of Canadian Solar in a research report on Friday, August 28th. Weiss Ratings downgraded shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 27th. Wells Fargo & Company decreased their target price on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday, August 31st. Citigroup lowered their price target on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, August 27th. Finally, Mizuho dropped their price target on shares of Canadian Solar from $18.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, August 28th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Canadian Solar has an average rating of “Reduce” and a consensus target price of $17.75.

Canadian Solar Trading Down 4.9%

The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95. The company’s fifty day moving average is $14.02 and its 200-day moving average is $15.19. The firm has a market capitalization of $732.13 million, a P/E ratio of -2.81 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data 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). The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%.The company’s revenue for the quarter was down 28.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.53) earnings per share. As a group, sell-side analysts anticipate that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently bought and sold shares of the stock. Global Retirement Partners LLC purchased a new stake in Canadian Solar during the 2nd quarter valued at approximately $96,000. Jones Financial Companies Lllp bought a new stake in Canadian Solar in the 2nd quarter valued at $100,000. Danske Bank A S bought a new position in Canadian Solar during the second quarter valued at approximately $100,000. EFG International AG purchased a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $161,000. Finally, Kelleher Financial Advisors bought a new position in shares of Canadian Solar during the 2nd quarter valued at approximately $186,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ:CSIQ) is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.