By otakuyassine3@gmail.com 
Shares of Canadian Solar Inc. (NASDAQ:CSIQ – Get Free Report) fell 4.6% during mid-day trading on Monday . The company traded as low as $11.98 and last traded at $12.10. 261,469 shares were traded during mid-day trading, a decline of 85% from the average session volume of 1,736,454 shares. The stock had previously closed at $12.69.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on CSIQ. The Goldman Sachs Group dropped their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, August 26th. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Mizuho began coverage on shares of Canadian Solar in a report on Friday. They issued an “outperform” rating and a $20.00 price target on the stock. Roth Mkm lowered their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Finally, Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $19.04.
Canadian Solar Stock Performance
The stock’s 50-day simple moving average is $13.00 and its 200-day simple moving average is $14.47. The stock has a market cap of $800.52 million, a price-to-earnings ratio of -105.75, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.
Canadian Solar (NASDAQ:CSIQ – Get Free Report) last posted its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. Analysts forecast that Canadian Solar Inc. will post 0.06 earnings per share for the current fiscal year.
Institutional Trading of Canadian Solar
Large investors have recently made changes to their positions in the company. Mackenzie Financial Corp lifted its stake in Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after purchasing an additional 1,037,800 shares during the last quarter. SIR Capital Management L.P. bought a new position in Canadian Solar in the 2nd quarter valued at approximately $3,994,000. Foundry Partners LLC bought a new position in Canadian Solar in the 2nd quarter valued at approximately $3,667,000. Cerity Partners LLC lifted its stake in Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after purchasing an additional 243,542 shares during the last quarter. Finally, Barclays PLC lifted its stake in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.
About Canadian Solar
Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.
Further Reading
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