Canadian Solar (NASDAQ:CSIQ) Hits New 1-Year Low - Time to Sell?

Key Points

• Canadian Solar shares fell to a new 52-week low of $11.10, closing well below their recent moving averages amid heightened trading volume.
• Analyst sentiment is cautious: the stock has a consensus “Reduce” rating and a $17.75 price target, while several firms recently lowered their targets to $15–$17.
• The company reported a significant quarterly loss of $1.40 per share versus expectations of a $0.18 loss, while revenue declined 28.7% year over year; analysts expect a full-year loss of $2.93 per share.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) shares reached a new 52-week low on Thursday . The stock traded as low as $11.10 and last traded at $11.34, with a volume of 2924984 shares traded. The stock had previously closed at $12.24.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of a number of recent research reports. Roth Capital set a $15.00 price objective on shares of Canadian Solar in a research report on Friday, August 28th. Weiss Ratings cut Canadian Solar from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 27th. Citigroup lowered their target price on Canadian Solar from $18.00 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, August 27th. Wells Fargo & Company cut their price target on Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating for the company in a report on Monday, August 31st. Finally, Mizuho reduced their price target on Canadian Solar from $18.00 to $17.00 and set a "neutral" rating for the company in a research report on Friday, August 28th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $17.75.

Canadian Solar Stock Performance

The firm has a market capitalization of $769.99 million, a PE ratio of -2.95 and a beta of 1.51. The business has a 50-day simple moving average of $14.38 and a 200-day simple moving average of $15.39. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share for the quarter, missing analysts' consensus estimates of ($0.18) by ($1.22). The firm had revenue of $1.21 billion during the quarter, compared to analysts' expectations of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%.The business's revenue for the quarter was down 28.7% compared to the same quarter last year. During the same period last year, the company earned ($0.53) earnings per share. Equities research analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC bought a new stake in shares of Canadian Solar during the second quarter worth $96,000. Jones Financial Companies Lllp bought a new stake in Canadian Solar during the 2nd quarter valued at about $100,000. Danske Bank A S purchased a new stake in Canadian Solar in the 2nd quarter valued at about $100,000. EFG International AG purchased a new stake in Canadian Solar in the 2nd quarter valued at about $161,000. Finally, Kelleher Financial Advisors bought a new position in Canadian Solar in the 2nd quarter worth about $186,000. Institutional investors own 52.36% of the company's stock.

Canadian Solar Company Profile

Canadian Solar Inc NASDAQ: CSIQ is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.

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