Canadian Solar (NASDAQ:CSIQ) Shares Down 4.3% - Time to Sell?

Key Points

• Canadian Solar shares fell 4.3% to about $9.26, with trading volume far below average. The stock’s 50-day and 200-day moving averages stood at $11.91 and $15.59, respectively.
• Analyst sentiment is cautious: the stock has a consensus “Reduce” rating and a $16.22 price target, based on three Buy, six Hold and four Sell ratings.
• The company reported a quarterly loss of $1.40 per share, missing expectations by $1.22, while revenue declined 28.7% year over year to $1.21 billion. Analysts expect a full-year loss of $2.93 per share.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s share price fell 4.3% during mid-day trading on Wednesday. The stock traded as low as $9.21 and last traded at $9.2550. Approximately 152,065 shares were traded during trading, a decline of 94% from the average daily volume of 2,544,208 shares. The stock had previously closed at $9.67.

Wall Street Analysts Forecast Growth

CSIQ has been the topic of several research analyst reports. Glj Research reiterated a "sell" rating and issued a $5.58 price target on shares of Canadian Solar in a research note on Thursday, August 27th. Mizuho reduced their target price on Canadian Solar from $18.00 to $17.00 and set a "neutral" rating on the stock in a report on Friday, August 28th. Wells Fargo & Company decreased their target price on Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Monday, August 31st. UBS Group dropped their price target on Canadian Solar from $25.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, October 14th. Finally, Roth Capital set a $15.00 price target on Canadian Solar in a report on Friday, August 28th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus price target of $16.22.

Canadian Solar Trading Down 1.9%

The firm has a market cap of $643.87 million, a PE ratio of -2.46 and a beta of 1.53. The business's 50-day simple moving average is $11.91 and its 200 day simple moving average is $15.59.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the company earned ($0.53) earnings per share. Canadian Solar's quarterly revenue was down 28.7% compared to the same quarter last year. Analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current year.

Institutional Inflows and Outflows

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

Canadian Solar Company Profile

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.

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.