Canadian Solar (NASDAQ:CSIQ) Shares Down 9.5% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price was down 9.5% during mid-day trading on Friday . The company traded as low as $18.06 and last traded at $18.0360. Approximately 1,246,281 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 3,129,912 shares. The stock had previously closed at $19.94.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. UBS Group lifted their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Jefferies Financial Group restated a “hold” rating and issued a $19.64 price objective (up from $13.70) on shares of Canadian Solar in a report on Monday, November 3rd. Mizuho reiterated an “underperform” rating and set a $21.00 target price (up from $15.00) on shares of Canadian Solar in a research note on Wednesday, November 19th. JPMorgan Chase & Co. lifted their target price on Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, November 14th. Finally, Daiwa Securities Group raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $19.85.

Canadian Solar Trading Down 12.5%

The stock has a market capitalization of $1.17 billion, a PE ratio of -48.42 and a beta of 1.28. The stock’s 50 day moving average price is $21.58 and its 200-day moving average price is $18.97. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its position in shares of Canadian Solar by 646.2% during the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock valued at $3,081,000 after purchasing an additional 204,623 shares in the last quarter. Inceptionr LLC bought a new position in Canadian Solar during the second quarter valued at approximately $152,000. Mackenzie Financial Corp grew its holdings in Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after buying an additional 405,800 shares in the last quarter. Legal & General Group Plc increased its stake in Canadian Solar by 21.7% in the 2nd quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock worth $20,039,000 after acquiring an additional 324,254 shares during the last quarter. Finally, Bryn Mawr Trust Advisors LLC raised its holdings in shares of Canadian Solar by 12.6% during the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 24,650 shares of the solar energy provider’s stock worth $272,000 after acquiring an additional 2,750 shares in the last quarter. 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.