Canadian Solar (NASDAQ:CSIQ) Sets New 12-Month Low – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $9.13 and last traded at $9.37, with a volume of 408586 shares. The stock had previously closed at $9.59.

Analysts Set New Price Targets

CSIQ has been the subject of a number of recent analyst reports. Mizuho began coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective for the company. Citigroup cut their price target on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating on the stock in a research report on Wednesday. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Wells Fargo & Company cut their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Finally, The Goldman Sachs Group decreased their price target on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a report on Wednesday. Five analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.84.

Canadian Solar Stock Performance

The stock’s 50 day moving average is $10.26 and its two-hundred day moving average is $12.04. The stock has a market capitalization of $610.65 million, a price-to-earnings ratio of -76.92, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.26). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period in the prior year, the company earned ($0.02) earnings per share. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. Analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

A number of institutional investors have recently made changes to their positions in the business. Shah Capital Management grew its position in Canadian Solar by 825.6% in the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after purchasing an additional 1,556,964 shares in the last quarter. IvyRock Asset Management HK Ltd acquired a new position in Canadian Solar during the fourth quarter valued at approximately $15,440,000. Greenwoods Asset Management Hong Kong Ltd. bought a new position in Canadian Solar in the fourth quarter valued at approximately $7,738,000. Mackenzie Financial Corp increased its position in shares of Canadian Solar by 6.9% during the 4th quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock worth $61,422,000 after purchasing an additional 357,900 shares during the last quarter. Finally, Robotti Robert raised its stake in shares of Canadian Solar by 55.2% during the 4th quarter. Robotti Robert now owns 487,880 shares of the solar energy provider’s stock worth $5,425,000 after purchasing an additional 173,499 shares in the last quarter. Institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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