Canadian Solar (NASDAQ:CSIQ) Trading Down 5.7% – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price traded down 5.7% during trading on Monday . The stock traded as low as $15.67 and last traded at $15.7760. 482,113 shares traded hands during trading, a decline of 83% from the average session volume of 2,853,046 shares. The stock had previously closed at $16.73.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Roth Mkm lowered their target price on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Wells Fargo & Company lowered their price target on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Wall Street Zen downgraded Canadian Solar from a “hold” rating to a “strong sell” rating in a research report on Monday, April 20th. Mizuho lowered their price target on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Finally, Oppenheimer lowered their price target 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. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $18.36.

Canadian Solar Trading Down 4.7%

The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -6.41 and a beta of 1.44. The company has a 50-day moving average price of $15.29 and a 200-day moving average price of $19.85. The company has a quick ratio of 0.83, a current ratio of 1.02 and a debt-to-equity ratio of 0.97.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share for the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. The company had revenue of $1.22 billion during the quarter. Research analysts predict that Canadian Solar Inc. will post -1.44 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds have recently made changes to their positions in CSIQ. Goldman Sachs Group Inc. lifted its stake in shares of Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock valued at $4,748,000 after buying an additional 92,002 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Canadian Solar by 141.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock valued at $100,000 after buying an additional 5,338 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Canadian Solar by 20.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after buying an additional 145,867 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar in the second quarter valued at about $33,000. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Canadian Solar in the second quarter valued at about $790,000. Institutional investors 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.