Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low at $13.91

Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $13.91 and last traded at $14.01, with a volume of 1865716 shares changing hands. The stock had previously closed at $14.75.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Daiwa Capital Markets began coverage on shares of Canadian Solar in a research note on Monday, March 11th. They set a “neutral” rating and a $21.00 price objective on the stock. Wells Fargo & Company cut their price target on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 19th. Roth Mkm reaffirmed a “buy” rating and issued a $25.00 target price on shares of Canadian Solar in a research report on Wednesday, May 22nd. UBS Group lowered their price target on 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, The Goldman Sachs Group cut their price target on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $28.89.

Canadian Solar Stock Down 5.0 %

The firm’s 50 day simple moving average is $16.91 and its 200 day simple moving average is $19.78. The company has a market cap of $926.90 million, a price-to-earnings ratio of 5.12, a price-to-earnings-growth ratio of 0.28 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53.

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

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently made changes to their positions in the business. Mackenzie Financial Corp lifted its position in shares of Canadian Solar by 27.1% in the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock valued at $103,661,000 after acquiring an additional 843,100 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of Canadian Solar by 15.7% during the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock worth $41,330,000 after purchasing an additional 213,959 shares during the period. Creative Planning grew its position in Canadian Solar by 103.3% during the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock valued at $9,961,000 after purchasing an additional 205,671 shares in the last quarter. Robotti Robert increased its stake in Canadian Solar by 92.5% in the 1st quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock valued at $6,234,000 after buying an additional 151,610 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Canadian Solar by 366.5% in the 4th quarter. Russell Investments Group Ltd. now owns 126,683 shares of the solar energy provider’s stock worth $3,323,000 after buying an additional 99,528 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

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.