Canadian Solar (NASDAQ:CSIQ) Trading Down 8.8% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price fell 8.8% on Friday . The company traded as low as $13.59 and last traded at $13.39. Approximately 1,432,576 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 2,887,967 shares. The stock had previously closed at $14.69.

Analyst Upgrades and Downgrades

CSIQ has been the subject of several research analyst reports. Freedom Capital lowered Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Wells Fargo & Company reduced their price objective on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 8th. Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $11.00 to $18.00 in a report on Wednesday. Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Finally, Mizuho lifted their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, June 15th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $19.36.

Canadian Solar Trading Down 9.1%

The firm has a fifty day moving average of $16.34 and a 200-day moving average of $17.17. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The stock has a market capitalization of $906.47 million, a price-to-earnings ratio of -5.30 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $950.43 million. During the same quarter in the previous year, the firm posted ($1.07) earnings per share. The firm’s quarterly revenue was down 9.9% on a year-over-year basis. As a group, equities analysts predict that Canadian Solar Inc. will post -1.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The disclosure for this sale is available in the SEC filing. 21.50% of the stock is owned by corporate insiders.

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in Canadian Solar in the second quarter valued at about $33,000. Caitong International Asset Management Co. Ltd grew its stake in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after purchasing an additional 2,463 shares in the last quarter. Optiver Holding B.V. purchased a new stake in Canadian Solar during the 1st quarter worth approximately $44,000. China Universal Asset Management Co. Ltd. purchased a new stake in Canadian Solar during the 4th quarter worth approximately $48,000. Finally, Quarry LP acquired a new position in shares of Canadian Solar in the 4th quarter valued at approximately $54,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.