Canadian Solar (NASDAQ:CSIQ) Trading Down 9% – Time to Sell?
by Michael Walen · The Markets DailyCanadian Solar Inc. (NASDAQ:CSIQ – Get Free Report)’s share price dropped 9% during mid-day trading on Wednesday . The stock traded as low as $20.61 and last traded at $19.8680. Approximately 491,892 shares changed hands during trading, a decline of 87% from the average daily volume of 3,683,082 shares. The stock had previously closed at $21.83.
Analysts Set New Price Targets
Several research firms have commented on CSIQ. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Daiwa Securities Group upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Tuesday, December 2nd. Mizuho reaffirmed an “underperform” rating and set a $21.00 price objective (up previously from $15.00) on shares of Canadian Solar in a research note on Wednesday, November 19th. Jefferies Financial Group reissued a “hold” rating and issued a $19.64 target price (up from $13.70) on shares of Canadian Solar in a research report on Monday, November 3rd. Finally, UBS Group upped their price target on shares of Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 19th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $19.85.
Get Our Latest Report on Canadian Solar
Canadian Solar Trading Down 4.2%
The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. The business has a 50 day simple moving average of $22.45 and a two-hundred day simple moving average of $18.37. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -57.76 and a beta of 1.28.
Canadian Solar (NASDAQ:CSIQ – Get Free Report) last issued its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.08) by $0.50. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the previous year, the firm earned ($0.31) earnings per share. The business’s revenue was down 1.3% compared to the same quarter last year. As a group, equities analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current year.
Institutional Trading of Canadian Solar
Several institutional investors and hedge funds have recently bought and sold shares of CSIQ. China Universal Asset Management Co. Ltd. bought a new position in Canadian Solar during the 4th quarter worth approximately $48,000. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd raised its position in shares of Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after acquiring an additional 2,463 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Canadian Solar during the third quarter worth $73,000. Institutional investors and hedge funds own 52.36% of the company’s stock.
Canadian Solar Company Profile
Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.
In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.