Canadian Solar (NASDAQ:CSIQ) Stock Price Down 6.2% - Here's What Happened

Key Points

• Shares slid 6.2% intraday to $13.76 on Friday, trading below both the 50-day ($15.78) and 200-day ($19.78) moving averages while volume was about 54% below its daily average.
• Several firms cut targets and turned cautious (Mizuho and Roth to $15, Wells Fargo to $17), leaving a consensus average rating of "Hold" and an average price target of $18.36.
• Recent results show a quarterly loss of ($1.66) EPS, negative net margin and ROE, $1.22 billion in revenue, and a market capitalization around $970.7 million.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) dropped 6.2% during mid-day trading on Friday . The company traded as low as $13.79 and last traded at $13.76. Approximately 1,310,242 shares changed hands during trading, a decline of 54% from the average daily volume of 2,846,848 shares. The stock had previously closed at $14.67.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of a number of analyst reports. Mizuho cut their price objective on Canadian Solar from $19.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 23rd. Roth Mkm cut their price objective on Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 23rd. Wells Fargo & Company cut their price objective on Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating for the company in a report on Wednesday, April 8th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Canadian Solar in a report on Friday, March 27th. Finally, Wall Street Zen cut Canadian Solar from a "hold" rating to a "strong sell" rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, Canadian Solar currently has an average rating of "Hold" and an average price target of $18.36.

Canadian Solar Price Performance

The stock has a fifty day moving average of $15.78 and a 200-day moving average of $19.78. The company has a quick ratio of 0.83, a current ratio of 1.02 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $970.70 million, a P/E ratio of -5.72 and a beta of 1.37.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. The business had revenue of $1.22 billion during the quarter. Equities analysts predict that Canadian Solar Inc. will post -1.44 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its stake in shares of Canadian Solar by 646.2% during the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider's stock worth $3,081,000 after buying an additional 204,623 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider's stock worth $7,457,000 after buying an additional 385,355 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Canadian Solar during the fourth quarter worth approximately $6,260,000. Polunin Capital Partners Ltd bought a new stake in shares of Canadian Solar during the fourth quarter worth approximately $43,692,000. Finally, Tudor Investment Corp ET AL acquired a new stake in Canadian Solar during the 3rd quarter worth $5,008,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.

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