Canadian Solar (NASDAQ:CSIQ) Trading Down 6.6%

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price dropped 6.6% on Wednesday . The stock traded as low as $17.44 and last traded at $17.50. Approximately 1,046,074 shares were traded during trading, a decline of 17% from the average daily volume of 1,262,660 shares. The stock had previously closed at $18.74.

Analyst Upgrades and Downgrades

CSIQ has been the topic of several recent analyst reports. Wells Fargo & Company lowered their price target on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday. Citigroup lowered their price target on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. The Goldman Sachs Group decreased their target price on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, Daiwa Capital Markets began coverage on Canadian Solar in a report on Monday, March 11th. They set a “neutral” rating and a $21.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $31.78.

Canadian Solar Trading Down 4.5 %

The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $1.07 billion, a P/E ratio of 4.27, a P/E/G ratio of 0.27 and a beta of 1.26. The business has a 50-day moving average price of $20.34 and a two-hundred day moving average price of $21.75.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the prior year, the company earned $1.11 EPS. Canadian Solar’s revenue for the quarter was down 13.7% on a year-over-year basis. On average, analysts expect that Canadian Solar Inc. will post 2.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently bought and sold shares of CSIQ. Creative Planning increased its stake in shares of Canadian Solar by 103.3% in the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock valued at $9,961,000 after buying an additional 205,671 shares during the period. Vanguard Group Inc. increased its stake in shares of Canadian Solar by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock valued at $48,343,000 after buying an additional 8,317 shares during the period. Mackenzie Financial Corp increased its stake in shares of Canadian Solar by 23.4% in the third quarter. Mackenzie Financial Corp now owns 3,108,915 shares of the solar energy provider’s stock valued at $69,795,000 after buying an additional 589,400 shares during the period. Hussman Strategic Advisors Inc. increased its stake in shares of Canadian Solar by 67.7% in the third quarter. Hussman Strategic Advisors Inc. now owns 262,500 shares of the solar energy provider’s stock valued at $6,460,000 after buying an additional 106,000 shares during the period. Finally, Schroder Investment Management Group increased its stake in shares of Canadian Solar by 13.4% in the third quarter. Schroder Investment Management Group now owns 1,361,724 shares of the solar energy provider’s stock valued at $33,512,000 after buying an additional 161,224 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.