Canadian Solar (NASDAQ:CSIQ) Stock Price Down 6.4% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price was down 6.4% during trading on Monday. The stock traded as low as $10.33 and last traded at $10.4110. Approximately 229,313 shares changed hands during trading, a decline of 91% from the average daily volume of 2,545,350 shares. The stock had previously closed at $11.12.

Wall Street Analyst Weigh In

CSIQ has been the topic of a number of analyst reports. Weiss Ratings lowered shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. JPMorgan Chase & Co. cut their price target on Canadian Solar from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Monday, October 19th. Wall Street Zen downgraded Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Zacks Research lowered Canadian Solar from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Finally, Roth Capital set a $15.00 price objective on Canadian Solar in a research note on Friday, August 28th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $15.84.

Canadian Solar Trading Down 6.3%

The stock’s 50 day simple moving average is $11.09 and its two-hundred day simple moving average is $15.05. The stock has a market capitalization of $688.51 million, a PE ratio of -2.64 and a beta of 1.50. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78.

Canadian Solar (NASDAQ:CSIQ) last issued 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). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the business earned ($0.53) EPS. The company’s revenue for the quarter was down 28.7% on a year-over-year basis. On average, sell-side analysts expect that Canadian Solar Inc. will post -2.93 EPS for the current year.

Institutional Trading of Canadian Solar

Several hedge funds have recently made changes to their positions in CSIQ. The Manufacturers Life Insurance Company purchased a new stake in Canadian Solar in the 2nd quarter worth about $631,683,000. Deutsche Bank AG purchased a new stake in Canadian Solar during the second quarter valued at about $722,850,000. Bank of America Corp DE purchased a new stake in Canadian Solar during the second quarter valued at about $151,417,000. Hsbc Holdings PLC boosted its position in Canadian Solar by 170.5% during the second quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock worth $5,220,000 after purchasing an additional 205,397 shares during the period. Finally, BlackRock Inc. bought a new position in Canadian Solar during the second quarter worth about $59,238,000. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc. is a global solar technology and renewable energy company founded in 2001 by Shawn Qu. The company manufactures photovoltaic solar modules and battery energy storage products for residential, commercial and utility-scale applications. Through its project development and services businesses, including Recurrent Energy, Canadian Solar develops, builds and operates solar power and energy storage projects. Its products and projects serve customers in markets around the world. Founder Shawn Qu has served as the company’s chairman and chief executive officer.