Canadian Solar (NASDAQ:CSIQ) Sets New 12-Month Low – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price reached a new 52-week low on Monday . The company traded as low as $9.77 and last traded at $9.71, with a volume of 289131 shares trading hands. The stock had previously closed at $10.31.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CSIQ shares. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Mizuho started coverage on shares of Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th. Finally, Jefferies Financial Group started coverage on shares of Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Trading Up 4.3 %

The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company’s 50 day moving average is $11.61 and its two-hundred day moving average is $13.07. The firm has a market cap of $670.20 million, a P/E ratio of -84.42, a PEG ratio of 0.68 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter last year, the company earned $0.32 earnings per share. The firm’s revenue was down 18.4% on a year-over-year basis. On average, sell-side analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds have recently made changes to their positions in CSIQ. Shah Capital Management raised its position in Canadian Solar by 825.6% in the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after purchasing an additional 1,556,964 shares in the last quarter. State Street Corp raised its position in Canadian Solar by 5.6% in the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after purchasing an additional 25,901 shares in the last quarter. Cerity Partners LLC raised its position in Canadian Solar by 131.5% in the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares in the last quarter. Waterfront Wealth Inc. raised its position in Canadian Solar by 16.9% in the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after purchasing an additional 26,778 shares in the last quarter. Finally, KBC Group NV raised its position in Canadian Solar by 36.2% in the third quarter. KBC Group NV now owns 142,402 shares of the solar energy provider’s stock worth $2,387,000 after purchasing an additional 37,850 shares in the last quarter. Institutional investors 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.