Canadian Solar (NASDAQ:CSIQ) Stock Price Down 5.1%

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price fell 5.1% during trading on Thursday . The stock traded as low as $14.27 and last traded at $14.35. 1,712,310 shares changed hands during trading, an increase of 24% from the average session volume of 1,381,122 shares. The stock had previously closed at $15.12.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CSIQ. The Goldman Sachs Group lowered their price objective on shares of Canadian Solar from $28.00 to $24.00 and set a "neutral" rating on the stock in a research report on Friday, March 15th. Citigroup lowered their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a "neutral" rating on the stock in a research report on Friday, March 15th. StockNews.com raised shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Thursday, April 11th. Wells Fargo & Company lowered their price objective on shares of 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. Finally, Daiwa Capital Markets began coverage on shares of Canadian Solar in a research report on Monday, March 11th. They set a "neutral" rating and a $21.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Canadian Solar presently has an average rating of "Hold" and a consensus price target of $31.78.

Canadian Solar Stock Performance

The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.04. The stock's fifty day moving average is $19.70 and its two-hundred day moving average is $21.41. The firm has a market cap of $937.33 million, a price-to-earnings ratio of 3.74, a PEG ratio of 0.24 and a beta of 1.26.

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

Institutional Trading of Canadian Solar

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Canadian Solar by 4.2% in the 2nd quarter. BlackRock Inc. now owns 4,937,823 shares of the solar energy provider's stock valued at $191,044,000 after acquiring an additional 197,085 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Canadian Solar by 27.1% in the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider's stock valued at $103,661,000 after buying an additional 843,100 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC increased its position in Canadian Solar by 137.9% in 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. Vanguard Group Inc. increased its position in Canadian Solar by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 1,983,169 shares of the solar energy provider's stock worth $52,019,000 after purchasing an additional 18,810 shares during the period. Finally, Schroder Investment Management Group increased its position in Canadian Solar by 15.7% in the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider's stock worth $41,330,000 after purchasing an additional 213,959 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.