Canadian Solar (NASDAQ:CSIQ) Trading Down 11.4% – What’s Next?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) traded down 11.4% during trading on Thursday . The company traded as low as $19.35 and last traded at $19.2690. 1,821,480 shares changed hands during trading, a decline of 58% from the average session volume of 4,306,003 shares. The stock had previously closed at $21.74.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group lifted their price objective on Canadian Solar from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Wednesday, October 8th. Mizuho reaffirmed an “underperform” rating and issued a $21.00 price target (up from $15.00) on shares of Canadian Solar in a research note on Wednesday, November 19th. JPMorgan Chase & Co. increased their price objective on Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, November 14th. Roth Mkm lifted their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, November 17th. Finally, Daiwa Capital Markets raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, Canadian Solar has a consensus rating of “Reduce” and an average target price of $19.85.

Canadian Solar Price Performance

The company’s 50-day simple moving average is $23.31 and its 200 day simple moving average is $17.93. The company has a market cap of $1.28 billion, a PE ratio of -53.14 and a beta of 1.26. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.37 billion. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.Canadian Solar’s revenue was down 1.3% compared to the same quarter last year. During the same period last year, the business posted ($0.31) earnings per share. On average, sell-side analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the business. Polunin Capital Partners Ltd acquired a new position in shares of Canadian Solar in the 4th quarter valued at $43,692,000. Two Sigma Investments LP purchased a new stake in Canadian Solar in the third quarter valued at $11,544,000. Mackenzie Financial Corp boosted its stake in Canadian Solar by 7.4% in the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after acquiring an additional 405,800 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after purchasing an additional 385,355 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Canadian Solar during the third quarter worth about $5,008,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.