Canadian Solar (NASDAQ:CSIQ) Shares Down 4.3% – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price fell 4.3% during trading on Wednesday. The stock traded as low as $9.21 and last traded at $9.2550. Approximately 152,065 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 2,544,208 shares. The stock had previously closed at $9.67.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CSIQ shares. Roth Capital set a $15.00 price objective on Canadian Solar in a report on Friday, August 28th. UBS Group decreased their target price on Canadian Solar from $25.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, October 14th. Wall Street Zen downgraded Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, August 29th. Citigroup reduced their target price on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, August 27th. Finally, Glj Research restated a “sell” rating and issued a $5.58 price target on shares of Canadian Solar in a research report on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $16.22.

Canadian Solar Stock Down 1.9%

The stock has a 50 day simple moving average of $11.91 and a 200 day simple moving average of $15.59. The company has a market cap of $643.87 million, a price-to-earnings ratio of -2.46 and a beta of 1.53.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. The business’s quarterly revenue was down 28.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.53) EPS. As a group, equities research analysts expect that Canadian Solar Inc. will post -2.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CSIQ. Counterpoint Mutual Funds LLC bought a new position in shares of Canadian Solar during the third quarter worth about $527,000. TD Waterhouse Canada Inc. lifted its holdings in shares of Canadian Solar by 139.2% in the third quarter. TD Waterhouse Canada Inc. now owns 23,200 shares of the solar energy provider’s stock valued at $262,000 after purchasing an additional 13,500 shares in the last quarter. Mraz Amerine & Associates Inc. acquired a new stake in Canadian Solar during the 2nd quarter worth about $188,000. Susquehanna Fundamental Investments LLC purchased a new position in Canadian Solar during the 2nd quarter valued at about $166,000. Finally, Hsbc Holdings PLC grew its stake in Canadian Solar by 170.5% during the 2nd quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock valued at $5,220,000 after acquiring an additional 205,397 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

About Canadian Solar

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.