Canadian Solar (NASDAQ:CSIQ) Stock Price Down 7.1% Following Insider Selling

Canadian Solar Inc. (NASDAQ:CSIQ) shares were down 7.1% during trading on Friday following insider selling activity. The company traded as low as $18.86 and last traded at $18.8140. Approximately 1,793,856 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 2,999,021 shares. The stock had previously closed at $20.26.

Specifically, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

Several research analysts have weighed in on CSIQ shares. Oppenheimer decreased their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, March 20th. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Wells Fargo & Company cut their target price on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Roth Mkm reduced their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. Finally, Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $18.36.

Canadian Solar Price Performance

The stock has a 50-day simple moving average of $15.33 and a 200 day simple moving average of $19.85. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -7.46 and a beta of 1.44. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. During the same quarter in the prior year, the business earned ($1.07) EPS. The company’s revenue for the quarter was down 9.9% compared to the same quarter last year. On average, equities research analysts forecast that Canadian Solar Inc. will post -1.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after buying an additional 385,355 shares during the last quarter. UBS Group AG lifted its position in shares of Canadian Solar by 71.3% in the fourth quarter. UBS Group AG now owns 399,963 shares of the solar energy provider’s stock worth $9,507,000 after buying an additional 166,412 shares during the last quarter. Polunin Capital Partners Ltd acquired a new stake in shares of Canadian Solar in the fourth quarter worth about $43,692,000. Hussman Strategic Advisors Inc. bought a new stake in shares of Canadian Solar during the 4th quarter worth about $2,995,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Canadian Solar during the 4th quarter valued at about $6,260,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.