Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low – Here’s What Happened

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low during trading on Monday. The stock traded as low as $8.82 and last traded at $8.9110, with a volume of 102,515 shares trading hands. The stock had previously closed at $9.23.

Analysts Set New Price Targets

Several brokerages have recently commented on CSIQ. UBS Group reduced their target price on shares of Canadian Solar from $25.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, October 14th. Glj Research restated a “sell” rating and issued a $5.58 price target on shares of Canadian Solar in a research report on Thursday, August 27th. Zacks Research lowered shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Citigroup cut their target price on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. Finally, Mizuho decreased their price target 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. Three 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus target price of $16.22.

Canadian Solar Stock Down 3.7%

The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02. The stock has a market cap of $603.56 million, a price-to-earnings ratio of -2.32 and a beta of 1.53. The firm’s 50-day simple moving average is $12.10 and its two-hundred day simple moving average is $14.49.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). The company 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%. Canadian Solar’s revenue for the quarter was down 28.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.53) earnings per share. On average, sell-side analysts expect that Canadian Solar Inc. will post -2.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

About Canadian Solar

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.