Canadian Solar (NASDAQ:CSIQ) Reaches New 12-Month Low – Here’s Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $10.43 and last traded at $10.59, with a volume of 456911 shares trading hands. The stock had previously closed at $10.84.

Analyst Ratings Changes

A number of analysts recently commented on CSIQ shares. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Mizuho initiated coverage on Canadian Solar in a research report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective for the company. Wells Fargo & Company lowered their target price on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Finally, StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 17th. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Canadian Solar currently has an average rating of “Hold” and an average target price of $18.31.

Canadian Solar Stock Performance

The firm has a 50 day simple moving average of $11.83 and a 200-day simple moving average of $13.45. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business’s revenue was down 18.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.32 earnings per share. Equities research analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers boosted its stake in shares of Canadian Solar by 34.6% in the second quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock valued at $287,000 after buying an additional 5,003 shares during the period. American Century Companies Inc. raised its holdings in Canadian Solar by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares in the last quarter. Marshall Wace LLP raised its holdings in Canadian Solar by 26.3% in the 2nd quarter. Marshall Wace LLP now owns 60,143 shares of the solar energy provider’s stock valued at $887,000 after acquiring an additional 12,513 shares in the last quarter. Mackenzie Financial Corp lifted its position in shares of Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after acquiring an additional 1,037,800 shares during the period. Finally, Scientech Research LLC acquired a new stake in shares of Canadian Solar during the 2nd quarter worth $504,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

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.