Canadian Solar (NASDAQ:CSIQ) Trading Down 8% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) shares were down 8% during trading on Thursday . The stock traded as low as $14.49 and last traded at $14.52. 1,645,397 shares were traded during trading, a decline of 40% from the average daily volume of 2,753,927 shares. The stock had previously closed at $15.78.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CSIQ shares. Citigroup upgraded shares of Canadian Solar from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $11.00 to $18.00 in a report on Wednesday, July 22nd. Freedom Capital cut Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Finally, Mizuho increased their price objective on Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.36.

Canadian Solar Trading Down 8.0%

The company’s fifty day moving average is $15.26 and its 200-day moving average is $16.33. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $985.91 million, a P/E ratio of -5.76 and a beta of 1.52.

Insider Transactions at Canadian Solar

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new stake in Canadian Solar in the 2nd quarter valued at approximately $25,000. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar during the second quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd boosted its position in shares of 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 period. Optiver Holding B.V. acquired a new stake in shares of Canadian Solar in the first quarter worth $44,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in shares of Canadian Solar in the fourth quarter worth $48,000. 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.