Canadian Solar (NASDAQ:CSIQ) Shares Down 11.4% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) fell 11.4% during trading on Thursday . The stock traded as low as $19.35 and last traded at $19.2690. 1,821,480 shares were traded during trading, a decline of 58% from the average session volume of 4,306,003 shares. The stock had previously closed at $21.74.

Analyst Ratings Changes

Several research analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, November 14th. Citigroup reaffirmed a “sell” rating and issued a $11.00 target price on shares of Canadian Solar in a report on Tuesday, October 21st. The Goldman Sachs Group increased their target price on Canadian Solar from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Wednesday, October 8th. Mizuho reiterated an “underperform” rating and set a $21.00 target price (up from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Finally, UBS Group increased their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat.com, Canadian Solar has an average rating of “Reduce” and an average target price of $19.85.

Canadian Solar Stock Down 10.3%

The firm’s fifty day simple moving average is $23.41 and its two-hundred day simple moving average is $17.88. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -54.65 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, topping the consensus estimate of ($1.08) by $0.50. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.37 billion. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.31) EPS. Sell-side analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Mackenzie Financial Corp increased its position in Canadian Solar by 7.4% during the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after purchasing an additional 405,800 shares during the last quarter. Invesco Ltd. grew its holdings in Canadian Solar by 19.3% during the 3rd quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock worth $28,696,000 after acquiring an additional 356,625 shares in the last quarter. Legal & General Group Plc grew its position in shares of Canadian Solar by 13.0% in the 3rd quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after acquiring an additional 236,115 shares in the last quarter. Polunin Capital Partners Ltd bought a new position in shares of Canadian Solar in the 4th quarter worth about $43,692,000. Finally, Two Sigma Investments LP acquired a new position in Canadian Solar in the third quarter valued at approximately $11,544,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.