Canadian Solar (NASDAQ:CSIQ) Reaches New 52-Week Low – Here’s What Happened

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) reached a new 52-week low during trading on Tuesday . The stock traded as low as $9.29 and last traded at $9.35, with a volume of 1078827 shares traded. The stock had previously closed at $9.84.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CSIQ shares. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $14.00 to $11.00 in a report on Tuesday, December 17th. Wells Fargo & Company cut their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Mizuho started coverage on Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 price target for the company. Finally, Jefferies Financial Group started coverage on Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective on the stock. 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 company. Based on data from MarketBeat.com, Canadian Solar presently has a consensus rating of “Hold” and a consensus price target of $18.31.

Canadian Solar Price Performance

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 firm’s 50-day moving average price is $10.87 and its two-hundred day moving average price is $12.32. The stock has a market cap of $635.79 million, a PE ratio of -80.08, a PEG ratio of 0.74 and a beta of 1.34.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. USCF Advisers LLC grew its holdings in shares of Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after buying an additional 1,000 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after acquiring an additional 1,500 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Canadian Solar by 1.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock valued at $1,847,000 after purchasing an additional 1,522 shares during the last quarter. Wells Fargo & Company MN grew its stake in Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after purchasing an additional 3,347 shares during the last quarter. Finally, Shell Asset Management Co. increased its holdings in shares of Canadian Solar by 11.4% in the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock valued at $450,000 after purchasing an additional 4,134 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

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.