Canadian Solar (NASDAQ:CSIQ) Stock Falls 3.8% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) fell 3.8% during trading on Monday. The stock traded as low as $9.42 and last traded at $9.4350. Approximately 190,591 shares were traded during trading, a decline of 93% from the average daily volume of 2,575,519 shares. The stock had previously closed at $9.81.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Glj Research restated a “sell” rating and issued a $5.58 price target on shares of Canadian Solar in a research note on Thursday, August 27th. Zacks Research lowered shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a report on Thursday. Wells Fargo & Company lowered their price objective on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, August 31st. Citigroup dropped their price objective on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. Finally, Roth Capital set a $15.00 price objective on shares of Canadian Solar in a research note on Friday, August 28th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $16.42.

Canadian Solar Trading Down 3.0%

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 firm has a market cap of $646.14 million, a price-to-earnings ratio of -2.48 and a beta of 1.53. The firm’s fifty day moving average is $12.70 and its 200-day moving average is $14.63.

Canadian Solar (NASDAQ:CSIQ) last issued 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 business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. Canadian Solar’s quarterly revenue 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. Equities analysts anticipate that Canadian Solar Inc. will post -2.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Caisse de depot et placement du Quebec purchased a new stake in shares of Canadian Solar during the 2nd quarter valued at $2,262,141,000. Wellington Management Group LLP bought a new stake in shares of Canadian Solar during the 2nd quarter worth $1,018,259,000. Deutsche Bank AG bought a new stake in shares of Canadian Solar during the 2nd quarter worth $722,850,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Canadian Solar in the 2nd quarter worth about $676,361,000. Finally, BlackRock Inc. purchased a new position in shares of Canadian Solar in the 2nd quarter worth about $85,219,000. 52.36% of the stock is owned by institutional investors.

About Canadian Solar

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.