Canadian Solar (NASDAQ:CSIQ) Stock Price Down 7.1% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price was down 7.1% during mid-day trading on Monday . The stock traded as low as $14.71 and last traded at $14.30. 246,219 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 2,958,965 shares. The stock had previously closed at $15.39.

Analyst Upgrades and Downgrades

CSIQ has been the topic of a number of recent analyst reports. Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Wells Fargo & Company lowered their price objective on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Oppenheimer reduced their target price on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, March 20th. Mizuho boosted their price target on Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, June 15th. Finally, Roth Mkm lowered their price target on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $18.66.

Canadian Solar Trading Down 6.0%

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 stock has a market capitalization of $982.65 million, a PE ratio of -5.74 and a beta of 1.49. The stock has a 50 day moving average price of $16.74 and a 200-day moving average price of $18.41.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $950.43 million. During the same quarter in the prior year, the company earned ($1.07) earnings per share. Canadian Solar’s revenue was down 9.9% on a year-over-year basis. Sell-side analysts expect that Canadian Solar Inc. will post -1.81 earnings per share for the current year.

Insider Buying and Selling at Canadian Solar

In related news, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The disclosure for this sale is available in the SEC filing. Company insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CSIQ. Goldman Sachs Group Inc. raised its stake in Canadian Solar by 20.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after acquiring an additional 92,002 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Canadian Solar by 141.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock valued at $100,000 after buying an additional 5,338 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Canadian Solar by 20.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock worth $9,539,000 after buying an additional 145,867 shares during the period. Raymond James Financial Inc. purchased a new stake in Canadian Solar in the 2nd quarter worth $33,000. Finally, Balyasny Asset Management L.P. bought a new stake in Canadian Solar during the second quarter valued at about $790,000. 52.36% of the stock is 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.