Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low at $15.08

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $15.08 and last traded at $15.26, with a volume of 1819555 shares changing hands. The stock had previously closed at $15.27.

Analyst Ratings Changes

Several analysts have recently commented on CSIQ shares. Citigroup decreased their target price on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Wells Fargo & Company lowered their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 19th. StockNews.com upgraded Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Daiwa Capital Markets began coverage on shares of Canadian Solar in a report on Monday, March 11th. They set a “neutral” rating and a $21.00 price target for the company. Finally, 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $31.78.

Canadian Solar Trading Down 0.1 %

The company has a market cap of $984.36 million, a price-to-earnings ratio of 3.93, a price-to-earnings-growth ratio of 0.24 and a beta of 1.26. The company’s 50 day moving average price is $19.99 and its 200 day moving average price is $21.50. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.04.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.11. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the prior year, the business posted $1.11 earnings per share. The business’s quarterly revenue was down 13.7% on a year-over-year basis. Research analysts anticipate that Canadian Solar Inc. will post 2.57 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its position in shares of Canadian Solar by 4.1% in the first quarter. American Century Companies Inc. now owns 31,650 shares of the solar energy provider’s stock valued at $1,119,000 after purchasing an additional 1,252 shares during the period. Cetera Advisor Networks LLC boosted its holdings in Canadian Solar by 10.2% during the first quarter. Cetera Advisor Networks LLC now owns 11,647 shares of the solar energy provider’s stock valued at $412,000 after acquiring an additional 1,074 shares during the period. Bank of Montreal Can grew its position in shares of Canadian Solar by 20.7% in the first quarter. Bank of Montreal Can now owns 11,853 shares of the solar energy provider’s stock valued at $416,000 after purchasing an additional 2,036 shares during the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Canadian Solar by 115.7% in the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock worth $41,000 after purchasing an additional 589 shares during the period. Finally, Cibc World Market Inc. acquired a new position in shares of Canadian Solar during the 1st quarter worth about $272,000. 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.