Canadian Solar (NASDAQ:CSIQ) Shares Down 9% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) traded down 9% during trading on Wednesday . The company traded as low as $20.61 and last traded at $19.8680. 491,892 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 3,683,082 shares. The stock had previously closed at $21.83.

Analysts Set New Price Targets

Several equities analysts have issued reports on CSIQ shares. Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. JPMorgan Chase & Co. upped their target price on Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, November 14th. Daiwa Securities Group upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Tuesday, December 2nd. Mizuho reiterated an “underperform” rating and issued a $21.00 price objective (up previously from $15.00) on shares of Canadian Solar in a research note on Wednesday, November 19th. Finally, UBS Group increased their price objective on Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, Canadian Solar presently has an average rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Stock Down 4.2%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -57.76 and a beta of 1.28. The firm has a fifty day moving average price of $22.45 and a 200 day moving average price of $18.37.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter last year, the company earned ($0.31) earnings per share. Canadian Solar’s quarterly revenue was down 1.3% compared to the same quarter last year. As a group, sell-side analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Several large investors have recently modified their holdings of CSIQ. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar during the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd increased its position in Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after buying an additional 2,463 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in shares of Canadian Solar in the fourth quarter worth $48,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after acquiring an additional 312 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in Canadian Solar during the 3rd quarter worth about $73,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.