Canadian Solar (NASDAQ:CSIQ) Sets New 1-Year Low – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) shares hit a new 52-week low during trading on Wednesday. The stock traded as low as $10.34 and last traded at $10.32, with a volume of 1,428,868 shares trading hands. The stock had previously closed at $11.21.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Citigroup cut their target price on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. Weiss Ratings downgraded Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Roth Capital set a $15.00 price target on Canadian Solar in a research note on Friday, August 28th. Mizuho decreased their price target on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating on the stock in a research note on Friday, August 28th. Finally, UBS Group lowered their price target on Canadian Solar from $25.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Canadian Solar has an average rating of “Hold” and an average price target of $16.42.

Canadian Solar Price Performance

The stock has a market cap of $701.41 million, a P/E ratio of -2.69 and a beta of 1.53. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The business’s fifty day moving average price is $13.02 and its 200 day moving average price is $14.69.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The company’s revenue for the quarter was down 28.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.53) earnings per share. Sell-side analysts forecast that Canadian Solar Inc. will post -2.93 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

A number of hedge funds have recently added to or reduced their stakes in CSIQ. Caisse de depot et placement du Quebec bought a new position in shares of Canadian Solar in the 2nd quarter valued at $2,262,141,000. Wellington Management Group LLP acquired a new stake in shares of Canadian Solar during the 2nd quarter valued at $1,018,259,000. Deutsche Bank AG acquired a new stake in shares of Canadian Solar during the 2nd quarter valued at $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Canadian Solar during the 2nd quarter worth $676,361,000. Finally, BlackRock Inc. bought a new stake in Canadian Solar during the 2nd quarter worth $85,219,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.