Canadian Solar (NASDAQ:CSIQ) Trading Down 5.7% - Time to Sell?

Key Points

• Canadian Solar shares fell about 5.7% in mid-day trading to roughly $15.78, trading as low as $15.67, with volume at 482,113 shares—about an 83% decline from the average session volume.
• Several analysts sharply cut targets (Mizuho and Roth MKM to $15, Wells Fargo to $17) and ratings shifted lower (Wall Street Zen to "strong sell"), leaving a consensus rating of Hold and a consensus target of $18.36.
• Fundamentals show stress: the company reported ($1.66) EPS for the quarter, a negative PE of -6.41, market cap about $1.08B, and a debt-to-equity ratio near 0.97, while analysts expect around -1.44 EPS for the year.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) shares fell 5.7% during mid-day trading on Monday . The company traded as low as $15.67 and last traded at $15.7760. 482,113 shares were traded during mid-day trading, a decline of 83% from the average session volume of 2,853,046 shares. The stock had previously closed at $16.73.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CSIQ. Mizuho reduced their target price 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 reduced their target price on Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 23rd. Wall Street Zen lowered Canadian Solar from a "hold" rating to a "strong sell" rating in a report on Monday, April 20th. Wells Fargo & Company reduced their target price 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. Finally, Freedom Capital upgraded Canadian Solar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 24th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $18.36.

Canadian Solar Trading Down 4.7%

The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83. The company has a fifty day moving average of $15.29 and a 200-day moving average of $19.85. The firm has a market capitalization of $1.08 billion, a PE ratio of -6.41 and a beta of 1.44.

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

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC increased its position in Canadian Solar by 930.3% during the first quarter. Hsbc Holdings PLC now owns 120,450 shares of the solar energy provider's stock worth $1,668,000 after buying an additional 108,759 shares during the last quarter. Waterfront Wealth Inc. increased its position in Canadian Solar by 129.8% during the first quarter. Waterfront Wealth Inc. now owns 190,381 shares of the solar energy provider's stock worth $2,637,000 after buying an additional 107,545 shares during the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in Canadian Solar during the fourth quarter worth $1,140,000. Caitong International Asset Management Co. Ltd increased its position in Canadian Solar by 427.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 16,879 shares of the solar energy provider's stock worth $401,000 after buying an additional 13,681 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Canadian Solar during the fourth quarter worth $410,000. 52.36% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.