Canadian Solar (NASDAQ:CSIQ) Shares Down 5.8%

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded down 5.8% during mid-day trading on Tuesday . The stock traded as low as $15.72 and last traded at $15.78. 284,381 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 1,550,472 shares. The stock had previously closed at $16.76.

Analyst Ratings Changes

Several brokerages recently weighed in on CSIQ. Glj Research lifted their price objective on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group cut their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. Oppenheimer dropped their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 23rd. Finally, Roth Mkm dropped their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar currently has a consensus rating of “Hold” and a consensus target price of $23.33.

Canadian Solar Stock Performance

The stock has a market cap of $1.05 billion, a PE ratio of 5.48, a price-to-earnings-growth ratio of 4.71 and a beta of 1.29. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82. The business has a 50 day moving average price of $14.18 and a two-hundred day moving average price of $16.01.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. Canadian Solar’s revenue was down 30.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.39 EPS. As a group, equities research analysts forecast that Canadian Solar Inc. will post 0.12 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Large investors have recently bought and sold shares of the company. Quarry LP purchased a new position in Canadian Solar during the second quarter valued at $31,000. Daiwa Securities Group Inc. boosted its stake in Canadian Solar by 72.1% during the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after acquiring an additional 3,100 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in 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 purchasing an additional 1,283 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after purchasing an additional 4,739 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Canadian Solar during the first quarter valued at approximately $336,000. 52.36% of the stock is owned by institutional investors.

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.