Canadian Solar (NASDAQ:CSIQ) Shares Down 5.2%

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded down 5.2% on Friday . The stock traded as low as $14.70 and last traded at $14.70. 926,025 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 1,550,067 shares. The stock had previously closed at $15.50.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their price target on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Daiwa Capital Markets initiated coverage on shares of Canadian Solar in a research report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price target for the company. Wells Fargo & Company decreased their target price on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 19th. UBS Group decreased their target price on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, June 12th. Finally, Citigroup decreased their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $28.89.

Canadian Solar Price Performance

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.02. The firm has a market cap of $975.86 million, a price-to-earnings ratio of 5.12, a price-to-earnings-growth ratio of 0.28 and a beta of 1.35. The stock’s 50 day simple moving average is $16.91 and its 200-day simple moving average is $19.80.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the business posted $1.19 EPS. Canadian Solar’s revenue for the quarter was down 21.1% compared to the same quarter last year. Equities research analysts anticipate that Canadian Solar Inc. will post 2.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CSIQ. USCF Advisers LLC increased its stake in shares of Canadian Solar by 87.5% in the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock worth $39,000 after acquiring an additional 700 shares during the period. Green Alpha Advisors LLC increased its stake in shares of Canadian Solar by 1.9% in the first quarter. Green Alpha Advisors LLC now owns 41,136 shares of the solar energy provider’s stock worth $813,000 after acquiring an additional 766 shares during the period. DekaBank Deutsche Girozentrale increased its stake in shares of Canadian Solar by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock worth $326,000 after acquiring an additional 928 shares during the period. Scotia Capital Inc. increased its stake in shares of Canadian Solar by 3.0% in the fourth quarter. Scotia Capital Inc. now owns 39,400 shares of the solar energy provider’s stock worth $1,033,000 after acquiring an additional 1,130 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of Canadian Solar by 9.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after acquiring an additional 1,283 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.