Canadian Solar (NASDAQ:CSIQ) Stock Price Down 7.1% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) dropped 7.1% during mid-day trading on Monday . The stock traded as low as $14.71 and last traded at $14.30. Approximately 246,219 shares were traded during trading, a decline of 92% from the average session volume of 2,958,965 shares. The stock had previously closed at $15.39.

Analyst Upgrades and Downgrades

Several research analysts have commented on CSIQ shares. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Roth Mkm decreased their price target on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 23rd. 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. Finally, Oppenheimer decreased their target price on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, March 20th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Canadian Solar has a consensus rating of “Reduce” and a consensus price target of $18.66.

Canadian Solar Stock Performance

The company has a fifty day moving average of $16.83 and a two-hundred day moving average of $18.29. 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 company has a market cap of $1.09 billion, a price-to-earnings ratio of -6.36 and a beta of 1.50.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating 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 firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. During the same period last year, the firm posted ($1.07) earnings per share. The business’s revenue for the quarter was down 9.9% on a year-over-year basis. Equities research analysts anticipate that Canadian Solar Inc. will post -1.81 EPS for the current year.

Insider Buying and Selling

In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The SEC filing for this sale provides additional information. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

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

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.