Canadian Solar (NASDAQ:CSIQ) Shares Down 5.7% – Time to Sell?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) were down 5.7% during trading on Wednesday . The stock traded as low as $11.64 and last traded at $11.54. Approximately 1,088,087 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 2,676,776 shares. The stock had previously closed at $12.24.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Citigroup dropped their price target on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, August 27th. Roth Capital set a $15.00 price objective on Canadian Solar in a report on Friday, August 28th. Mizuho dropped their target price on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, August 28th. Wells Fargo & Company cut their target price on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday, August 31st. Finally, Weiss Ratings cut Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $17.75.

Canadian Solar Price Performance

The stock has a market cap of $797.79 million, a price-to-earnings ratio of -3.06 and a beta of 1.51. The company’s 50 day moving average is $14.31 and its 200 day moving average is $15.34. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results 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). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%.The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the company posted ($0.53) earnings per share. The company’s quarterly revenue was down 28.7% compared to the same quarter last year. Research analysts forecast that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new stake in Canadian Solar in the 2nd quarter valued at $96,000. Jones Financial Companies Lllp purchased a new stake in shares of Canadian Solar in the second quarter worth about $100,000. Danske Bank A S purchased a new stake in shares of Canadian Solar in the second quarter worth about $100,000. EFG International AG acquired a new stake in shares of Canadian Solar in the second quarter valued at about $161,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of Canadian Solar in the second quarter valued at about $186,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ:CSIQ) is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.