Canadian Solar (NASDAQ:CSIQ) Trading Down 9% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) shares dropped 9% during mid-day trading on Wednesday . The stock traded as low as $20.61 and last traded at $19.8680. Approximately 491,892 shares changed hands during trading, a decline of 87% from the average daily volume of 3,683,082 shares. The stock had previously closed at $21.83.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CSIQ. Mizuho restated an “underperform” rating and issued a $21.00 price target (up previously from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. UBS Group boosted their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Roth Mkm upped their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Finally, Daiwa Securities Group raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $19.85.

Canadian Solar Stock Down 2.6%

The company’s 50 day moving average is $22.21 and its 200 day moving average is $18.45. The company has a market cap of $1.30 billion, a PE ratio of -53.86 and a beta of 1.28. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93.

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

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Mackenzie Financial Corp increased its stake in shares of 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 valued at $64,969,000 after buying an additional 405,800 shares during the period. 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 increased its position in Canadian Solar by 13.0% during the 3rd quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock valued at $26,741,000 after purchasing an additional 236,115 shares during the period. Polunin Capital Partners Ltd purchased a new position in Canadian Solar during the 4th quarter valued at about $43,692,000. Finally, Two Sigma Investments LP bought a new stake in shares of Canadian Solar in the 3rd quarter valued at about $11,544,000. 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.