Canadian Solar (NASDAQ:CSIQ) Stock Price Down 4.5% - What's Next?

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

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. The Goldman Sachs Group increased their price objective on Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a research report on Friday, May 16th. Roth Capital set a $11.00 price objective on Canadian Solar and gave the stock a "neutral" rating in a research report on Friday, May 16th. Mizuho cut their price objective on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research report on Monday, June 2nd. Wall Street Zen upgraded Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Finally, Wells Fargo & Company increased their price objective on Canadian Solar from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Friday, May 16th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $14.74.

Canadian Solar Price Performance

The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.84. The company has a market cap of $851.19 million, a price-to-earnings ratio of -25.42 and a beta of 1.38. The company has a fifty day simple moving average of $10.88 and a two-hundred day simple moving average of $10.29.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, beating analysts' consensus estimates of ($1.50) by $0.43. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.11 billion. Canadian Solar had a negative return on equity of 4.34% and a negative net margin of 0.18%. The business's revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.19 earnings per share. On average, equities research analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd acquired a new stake in Canadian Solar in the 1st quarter worth about $39,000. Wells Fargo & Company MN boosted its stake in Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after buying an additional 3,347 shares during the last quarter. Summit Securities Group LLC raised its holdings in shares of Canadian Solar by 598.5% in the 1st quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock worth $61,000 after purchasing an additional 6,015 shares during the period. Sciencast Management LP purchased a new position in shares of Canadian Solar in the 4th quarter worth about $113,000. Finally, Templeton & Phillips Capital Management LLC raised its holdings in shares of Canadian Solar by 14.6% in the 1st quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock worth $125,000 after purchasing an additional 1,843 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

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.