Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low on Analyst Downgrade

Canadian Solar Inc. (NASDAQ:CSIQ) shares reached a new 52-week low on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $9.00 to $8.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Canadian Solar traded as low as $9.30 and last traded at $9.57, with a volume of 1,913,503 shares traded. The stock had previously closed at $9.81.

CSIQ has been the topic of several other research reports. Wells Fargo & Company decreased their price target on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, August 31st. Wall Street Zen lowered Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Roth Capital set a $15.00 price objective on Canadian Solar in a report on Friday, August 28th. Citigroup cut their price objective on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, August 27th. Finally, Glj Research restated a “sell” rating and issued a $5.58 target price on shares of Canadian Solar in a research note on Thursday, August 27th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Canadian Solar has an average rating of “Reduce” and an average price target of $16.22.

Hedge Funds Weigh In On Canadian Solar

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

Canadian Solar Trading Up 2.1%

The company has a market cap of $663.38 million, a P/E ratio of -2.54 and a beta of 1.53. The firm’s 50 day moving average is $12.45 and its two-hundred day moving average is $14.57. The company has a quick ratio of 0.78, a current ratio of 1.02 and a debt-to-equity ratio of 0.95.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The company’s quarterly revenue was down 28.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.53) earnings per share. As a group, equities research analysts anticipate that Canadian Solar Inc. will post -2.93 EPS for the current year.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.