Andrew Luen Cheung Wong Sells 1,752 Shares of Canadian Solar (NASDAQ:CSIQ) Stock

Canadian Solar Inc. (NASDAQ:CSIQ) Director Andrew Luen Cheung Wong sold 1,752 shares of the company’s stock in a transaction dated 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 legal filing with the SEC, which can be accessed through this hyperlink.

Canadian Solar Trading Up 8.6%

Shares of Canadian Solar stock traded up $1.44 during mid-day trading on Thursday, hitting $18.10. The stock had a trading volume of 3,474,368 shares, compared to its average volume of 2,996,914. The firm has a 50-day moving average of $15.20 and a two-hundred day moving average of $20.07. Canadian Solar Inc. has a 12-month low of $9.41 and a 12-month high of $34.59. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. The firm has a market cap of $1.23 billion, a P/E ratio of -7.18 and a beta of 1.44.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $950.43 million. During the same quarter in the prior year, the company posted ($1.07) EPS. The business’s revenue for the quarter was down 9.9% on a year-over-year basis. Sell-side analysts forecast that Canadian Solar Inc. will post -1.16 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on CSIQ shares. Oppenheimer dropped their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Mizuho lowered their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Wells Fargo & Company lowered their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Finally, Roth Mkm lowered their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $18.36.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. acquired a new stake in Canadian Solar during the 4th quarter worth approximately $48,000. Quarry LP acquired a new stake in Canadian Solar during the 4th quarter worth approximately $54,000. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in Canadian Solar during the 4th quarter worth approximately $69,000. Raymond James Financial Inc. acquired a new stake in Canadian Solar during the 2nd quarter worth approximately $33,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after buying an additional 2,463 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.