Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $11.37 and last traded at $11.44, with a volume of 957251 shares. The stock had previously closed at $11.91.

Analyst Upgrades and Downgrades

CSIQ has been the subject of a number of recent research reports. Roth Mkm cut their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Glj Research lifted their price target on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group reduced their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Finally, Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $20.59.

Canadian Solar Stock Down 6.6 %

The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $727.09 million, a PE ratio of 21.55, a price-to-earnings-growth ratio of 3.89 and a beta of 1.34. The business’s 50-day moving average price is $13.92 and its 200-day moving average price is $15.18.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the firm earned $2.39 EPS. The company’s revenue was down 30.8% compared to the same quarter last year. As a group, equities research analysts predict that Canadian Solar Inc. will post 0.12 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Institutional investors have recently bought and sold shares of the company. Quarry LP purchased a new stake in shares of Canadian Solar during the 2nd quarter worth about $31,000. Daiwa Securities Group Inc. raised its position in Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after acquiring an additional 1,500 shares in the last quarter. Private Advisor Group LLC acquired a new stake in Canadian Solar in the third quarter valued at approximately $219,000. Northwestern Mutual Wealth Management Co. grew its position in Canadian Solar by 43.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after acquiring an additional 4,739 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Canadian Solar by 27.6% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock worth $257,000 after purchasing an additional 3,768 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.