Canadian Solar (NASDAQ:CSIQ) Shares Down 8.8% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) shares dropped 8.8% during mid-day trading on Friday . The stock traded as low as $13.59 and last traded at $13.39. 1,432,576 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 2,887,967 shares. The stock had previously closed at $14.69.

Analyst Ratings Changes

Several brokerages have weighed in on CSIQ. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and increased their target price for the stock from $11.00 to $18.00 in a research note on Wednesday. Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Mizuho increased their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th. Freedom Capital lowered Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Finally, Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $19.36.

Canadian Solar Stock Performance

The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $909.18 million, a price-to-earnings ratio of -5.32 and a beta of 1.51. The stock’s fifty day simple moving average is $16.43 and its 200-day simple moving average is $17.19.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping 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 business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $950.43 million. During the same quarter in the previous year, the firm posted ($1.07) earnings per share. The company’s quarterly revenue was down 9.9% compared to the same quarter last year. Analysts predict that Canadian Solar Inc. will post -1.81 EPS for the current year.

Insider Transactions at Canadian Solar

In other news, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The disclosure for this sale is available in the SEC filing. 21.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after acquiring an additional 312 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Canadian Solar in the 4th quarter valued at $48,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Canadian Solar by 43.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider’s stock worth $164,000 after purchasing an additional 2,084 shares during the last quarter. LPL Financial LLC lifted its position in shares of Canadian Solar by 16.7% during the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock worth $369,000 after purchasing an additional 2,219 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Canadian Solar by 38.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after purchasing an additional 2,254 shares in the last quarter. Hedge funds and other institutional investors 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.