Canadian Solar Inc. (NASDAQ:CSIQ – Get Free Report)’s share price dropped 3.8% during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $9.00 to $8.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. Canadian Solar traded as low as $9.42 and last traded at $9.4350. 190,591 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 2,575,519 shares. The stock had previously closed at $9.81.
Several other research firms also recently weighed in on CSIQ. Zacks Research downgraded Canadian Solar from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Wall Street Zen downgraded shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Weiss Ratings downgraded shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, August 27th. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, August 31st. Finally, Citigroup lowered their price objective on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, August 27th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $16.22.
View Our Latest Analysis on CSIQ
Hedge Funds Weigh In On Canadian Solar
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Caisse de depot et placement du Quebec purchased a new stake in Canadian Solar during the 2nd quarter worth approximately $2,262,141,000. Wellington Management Group LLP purchased a new position in shares of Canadian Solar in the second quarter valued at approximately $1,018,259,000. Deutsche Bank AG purchased a new position in shares of Canadian Solar in the second quarter valued at approximately $722,850,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Canadian Solar in the second quarter valued at approximately $676,361,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Canadian Solar in the second quarter worth approximately $631,683,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.
Canadian Solar Price Performance
The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The stock has a market capitalization of $663.38 million, a price-to-earnings ratio of -2.54 and a beta of 1.53. The stock has a 50 day moving average price of $12.45 and a 200-day moving average price of $14.57.
Canadian Solar (NASDAQ:CSIQ – Get Free Report) last posted its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22). Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the company posted ($0.53) earnings per share. The firm’s revenue for the quarter was down 28.7% compared to the same quarter last year. On average, analysts forecast that Canadian Solar Inc. will post -2.93 earnings per share for the current year.
Canadian Solar Company Profile
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.
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