Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $8.20 and last traded at $7.98, with a volume of 32590 shares. The stock had previously closed at $8.45.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CSIQ shares. Citigroup dropped their target price on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating for the company in a report on Wednesday, March 26th. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Wells Fargo & Company reduced their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. The Goldman Sachs Group decreased their price objective on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research note on Wednesday, March 26th. Finally, Mizuho initiated coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price target for the company. Five analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.84.

Canadian Solar Stock Performance

The firm has a 50-day moving average of $10.10 and a 200-day moving average of $11.91. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $505.85 million, a price-to-earnings ratio of -63.83, a P/E/G ratio of 0.74 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period last year, the firm earned ($0.02) EPS. As a group, sell-side analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Trading of Canadian Solar

A number of hedge funds have recently added to or reduced their stakes in CSIQ. Charles Schwab Investment Management Inc. grew its holdings in Canadian Solar by 59.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider’s stock valued at $2,010,000 after purchasing an additional 67,331 shares during the period. Shah Capital Management lifted its holdings in Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after purchasing an additional 1,556,964 shares in the last quarter. Barclays PLC lifted its holdings in Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares in the last quarter. Waterfront Wealth Inc. increased its stake in shares of Canadian Solar by 16.9% during the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after purchasing an additional 26,778 shares in the last quarter. Finally, Greenwoods Asset Management Hong Kong Ltd. purchased a new position in Canadian Solar in the 4th quarter valued at about $7,738,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

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