Canadian Solar (NASDAQ:CSIQ) Stock Price Down 6.6%

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) shares traded down 6.6% on Wednesday . The stock traded as low as $17.44 and last traded at $17.50. 1,046,074 shares were traded during mid-day trading, a decline of 17% from the average session volume of 1,262,660 shares. The stock had previously closed at $18.74.

Wall Street Analyst Weigh In

CSIQ has been the subject of several research analyst reports. Daiwa Capital Markets assumed coverage on shares of Canadian Solar in a report on Monday, March 11th. They issued a "neutral" rating and a $21.00 price target for the company. Wells Fargo & Company dropped their price target on Canadian Solar from $28.00 to $23.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 19th. The Goldman Sachs Group decreased their price objective on Canadian Solar from $28.00 to $24.00 and set a "neutral" rating for the company in a research report on Friday, March 15th. StockNews.com lowered shares of Canadian Solar from a "hold" rating to a "sell" rating in a report on Friday, March 15th. Finally, Citigroup reduced their target price on shares of Canadian Solar from $26.00 to $24.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $31.78.

Canadian Solar Price Performance

The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average price of $20.56 and a 200 day moving average price of $21.82. The company has a market capitalization of $1.12 billion, a P/E ratio of 4.47, a P/E/G ratio of 0.27 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.11. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.69 billion. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The firm's revenue for the quarter was down 13.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.11 earnings per share. On average, equities analysts predict that Canadian Solar Inc. will post 2.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Grantham Mayo Van Otterloo & Co. LLC lifted its position in Canadian Solar by 137.9% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider's stock worth $92,569,000 after purchasing an additional 2,180,240 shares during the period. Mackenzie Financial Corp boosted its position in shares of Canadian Solar by 27.1% during the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider's stock worth $103,661,000 after acquiring an additional 843,100 shares in the last quarter. Bank of America Corp DE increased its stake in Canadian Solar by 2,094.9% in the first quarter. Bank of America Corp DE now owns 471,110 shares of the solar energy provider's stock valued at $18,755,000 after acquiring an additional 449,646 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Canadian Solar by 275.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 528,597 shares of the solar energy provider's stock valued at $21,043,000 after purchasing an additional 387,866 shares in the last quarter. Finally, Schroder Investment Management Group raised its position in Canadian Solar by 15.7% during the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider's stock valued at $41,330,000 after purchasing an additional 213,959 shares in the last quarter. 52.36% of the stock is owned by institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.