Canadian Solar (NASDAQ:CSIQ) Trading Down 6.7% – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price fell 6.7% on Tuesday . The company traded as low as $12.02 and last traded at $11.9410. 571,672 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 2,867,861 shares. The stock had previously closed at $12.80.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CSIQ. Mizuho lowered their target price on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Oppenheimer lowered their price objective on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, March 20th. Roth Mkm lowered their price objective on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Finally, Wall Street Zen lowered Canadian Solar from a “hold” rating to a “sell” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $17.66.

Canadian Solar Stock Performance

The stock has a market capitalization of $806.32 million, a price-to-earnings ratio of -4.82 and a beta of 1.37. The stock has a 50-day moving average of $17.70 and a 200 day moving average of $19.91. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) EPS for the quarter. The company had revenue of $1.22 billion during the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. On average, analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Trading of Canadian Solar

A number of hedge funds have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Canadian Solar by 7.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after acquiring an additional 312 shares during the period. Clear Harbor Asset Management LLC raised its position in shares of Canadian Solar by 4.7% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 18,075 shares of the solar energy provider’s stock valued at $236,000 after acquiring an additional 805 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Canadian Solar in the 4th quarter valued at approximately $48,000. LPL Financial LLC raised its position in shares of Canadian Solar by 16.7% in the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock valued at $369,000 after acquiring an additional 2,219 shares during the period. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after acquiring an additional 2,254 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

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.