Canadian Solar (NASDAQ:CSIQ) Stock Price Down 5.3% - Here's Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) dropped 5.3% during trading on Tuesday . The stock traded as low as $9.51 and last traded at $9.30. Approximately 51,451 shares traded hands during trading, a decline of 97% from the average daily volume of 1,930,561 shares. The stock had previously closed at $9.82.

Analysts Set New Price Targets

CSIQ has been the subject of several recent analyst reports. Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price objective for the company in a research note on Thursday, April 17th. Roth Capital downgraded Canadian Solar from a "buy" rating to a "neutral" rating and set a $9.00 price objective for the company. in a report on Friday. Wells Fargo & Company reduced their price target 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. The Goldman Sachs Group cut their price target on shares of Canadian Solar from $11.00 to $9.00 and set a "sell" rating on the stock in a report on Wednesday, March 26th. Finally, StockNews.com lowered shares of Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Canadian Solar has an average rating of "Hold" and a consensus price target of $16.77.

Canadian Solar Price Performance

The stock has a market cap of $628.84 million, a price-to-earnings ratio of -79.18, a PEG ratio of 0.74 and a beta of 1.33. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company's 50 day moving average is $9.18 and its 200 day moving average is $10.94.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($1.26). Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period in the prior year, the company earned ($0.02) EPS. The company's revenue was down 1.8% compared to the same quarter last year. Research analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. USCF Advisers LLC boosted its holdings in Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock worth $28,000 after buying an additional 1,000 shares in the last quarter. Wells Fargo & Company MN lifted 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 worth $57,000 after acquiring an additional 3,347 shares during the last quarter. Shell Asset Management Co. boosted its position 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 acquiring an additional 4,134 shares during the period. NewEdge Advisors LLC raised its holdings in Canadian Solar by 6.7% in the 4th quarter. NewEdge Advisors LLC now owns 75,481 shares of the solar energy provider's stock valued at $839,000 after acquiring an additional 4,717 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Canadian Solar by 28.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,193 shares of the solar energy provider's stock valued at $466,000 after acquiring an additional 8,505 shares in the last quarter. Institutional investors own 52.36% of the company's stock.

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.

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