Canadian Solar (NASDAQ:CSIQ) Shares Down 8% – Should You Sell?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) dropped 8% on Thursday . The stock traded as low as $14.49 and last traded at $14.52. 1,645,397 shares traded hands during trading, a decline of 40% from the average session volume of 2,753,927 shares. The stock had previously closed at $15.78.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CSIQ shares. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Freedom Capital lowered Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Finally, 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 report on Monday, June 15th. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.36.

Canadian Solar Trading Down 8.0%

The firm has a 50-day moving average price of $15.26 and a 200-day moving average price of $16.33. The company has a market capitalization of $985.91 million, a price-to-earnings ratio of -5.76 and a beta of 1.52. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99.

Insider Activity at Canadian Solar

In other news, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction 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 SEC, which is available through the SEC website. Company insiders own 21.50% of the company’s stock.

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caisse de depot et placement du Quebec purchased a new stake in Canadian Solar in the 2nd quarter worth about $2,262,141,000. Wellington Management Group LLP purchased a new position in shares of Canadian Solar during the 2nd quarter valued at $1,018,259,000. Deutsche Bank AG acquired a new stake in Canadian Solar during the second quarter valued at $722,850,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Canadian Solar in the 2nd quarter worth about $676,361,000. Finally, BlackRock Inc. bought a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $85,219,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

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.