Canadian Solar (NASDAQ:CSIQ) Stock Price Down 4.5% - Here's Why

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price dropped 4.5% during trading on Friday . The stock traded as low as $13.67 and last traded at $13.46. Approximately 82,899 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 1,859,118 shares. The stock had previously closed at $14.09.

Analyst Upgrades and Downgrades

CSIQ has been the subject of several research analyst reports. Roth Capital set a $11.00 price objective on shares of Canadian Solar and gave the company a "neutral" rating in a research report on Friday, May 16th. Wells Fargo & Company boosted their price target on Canadian Solar from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Friday, May 16th. Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. Mizuho decreased their target price on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a research report on Monday, June 2nd. Finally, The Goldman Sachs Group increased their target price on shares of Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a report on Friday, May 16th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Canadian Solar has a consensus rating of "Hold" and a consensus target price of $14.74.

Canadian Solar Stock Performance

The company has a fifty day moving average price of $10.88 and a two-hundred day moving average price of $10.27. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.07 and a quick ratio of 0.80. The company has a market capitalization of $895.39 million, a P/E ratio of -26.74 and a beta of 1.38.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.50) by $0.43. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.11 billion. Canadian Solar had a negative net margin of 0.18% and a negative return on equity of 4.34%. The company's revenue was down 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 EPS. Equities analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently made changes to their positions in CSIQ. Charles Schwab Investment Management Inc. raised its position in shares of Canadian Solar by 59.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider's stock worth $2,010,000 after acquiring an additional 67,331 shares during the last quarter. Wells Fargo & Company MN increased its position 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 period. Robotti Robert raised its holdings in Canadian Solar by 55.2% during the 4th quarter. Robotti Robert now owns 487,880 shares of the solar energy provider's stock worth $5,425,000 after purchasing an additional 173,499 shares during the last quarter. Northern Trust Corp raised its holdings in Canadian Solar by 89.9% during the 4th quarter. Northern Trust Corp now owns 26,319 shares of the solar energy provider's stock worth $293,000 after purchasing an additional 12,458 shares during the last quarter. Finally, IvyRock Asset Management HK Ltd acquired a new position in shares of Canadian Solar in the 4th quarter worth approximately $15,440,000. Institutional investors 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.