Canadian Solar (NASDAQ:CSIQ) Reaches New 52-Week Low – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $11.10 and last traded at $11.34, with a volume of 2924984 shares. The stock had previously closed at $12.24.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CSIQ. Wall Street Zen lowered Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Weiss Ratings lowered shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Citigroup decreased their price target on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. Mizuho dropped their price target on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating on the stock in a research report on Friday, August 28th. Finally, Glj Research reaffirmed a “sell” rating and set a $5.58 price objective on shares of Canadian Solar in a research report on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Canadian Solar has a consensus rating of “Reduce” and an average target price of $17.75.

Canadian Solar Stock Down 2.9%

The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The business’s 50 day moving average is $14.24 and its 200-day moving average is $15.32. The company has a market cap of $774.54 million, a PE ratio of -2.97 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%.The company’s revenue for the quarter was down 28.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.53) earnings per share. As a group, analysts predict that Canadian Solar Inc. will post -2.93 EPS for the current year.

Institutional Trading of Canadian Solar

Large investors have recently added to or reduced their stakes in the business. Caisse de depot et placement du Quebec acquired a new stake in Canadian Solar in the 2nd quarter worth approximately $2,262,141,000. Wellington Management Group LLP bought a new stake in Canadian Solar during the 2nd quarter valued at approximately $1,018,259,000. Deutsche Bank AG acquired a new stake in Canadian Solar in the 2nd quarter worth $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Canadian Solar during the 2nd quarter worth about $676,361,000. Finally, BlackRock Inc. acquired a new position in shares of Canadian Solar during the second quarter valued at about $85,219,000. 52.36% of the stock is currently owned by institutional investors.

About Canadian Solar

Canadian Solar Inc (NASDAQ:CSIQ) is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.