Canadian Solar Inc. (NASDAQ:CSIQ – Get Free Report)’s share price hit a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $10.34 and last traded at $10.32, with a volume of 1,428,868 shares. The stock had previously closed at $11.21.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on CSIQ. Wells Fargo & Company reduced their target price on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, August 31st. Citigroup cut their price target 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. Wall Street Zen downgraded Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, August 29th. Glj Research reiterated a “sell” rating and issued a $5.58 price objective on shares of Canadian Solar in a research note on Thursday, August 27th. Finally, Roth Capital set a $15.00 price objective on Canadian Solar in a research note on Friday, August 28th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.42.
Read Our Latest Stock Analysis on CSIQ
Canadian Solar Trading Down 0.1%
The company’s fifty day moving average price is $12.82 and its two-hundred day moving average price is $14.65. The company has a quick ratio of 0.78, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The company has a market cap of $716.75 million, a price-to-earnings ratio of -2.75 and a beta of 1.53.
Canadian Solar (NASDAQ:CSIQ – Get Free Report) last posted its quarterly earnings data 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). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The company’s revenue was down 28.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.53) EPS. Research analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current year.
Institutional Trading of Canadian Solar
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Mraz Amerine & Associates Inc. bought a new position in Canadian Solar during the second quarter worth about $188,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Canadian Solar during the 2nd quarter worth about $166,000. Hsbc Holdings PLC increased its stake in shares of Canadian Solar by 170.5% in the 2nd quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock valued at $5,220,000 after acquiring an additional 205,397 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Canadian Solar in the 2nd quarter valued at about $1,018,259,000. Finally, Kingsview Wealth Management LLC acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $357,000. 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 designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.
The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.
Recommended Stories
- Five stocks we like better than Canadian Solar
- Okeanis Riding Record Profits as Uncertainty Grows
- Securitize’s Blockchain Ambitions Face a Reality Check
- 3 Stocks to Watch as Wall Street Wealth Fuels Consumer Spending
- Expecting a Market Correction? This Mega-Cap ETF Deserves a Spot on Your Watchlist
Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.
