Canadian Solar (NASDAQ:CSIQ) Shares Down 5.8%

Canadian Solar Inc. (NASDAQ:CSIQ) shares fell 5.8% on Tuesday . The stock traded as low as $15.72 and last traded at $15.78. 284,381 shares were traded during trading, a decline of 82% from the average session volume of 1,550,472 shares. The stock had previously closed at $16.76.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CSIQ shares. The Goldman Sachs Group lowered their price objective on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Roth Mkm lowered their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Glj Research lifted their price objective on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. Oppenheimer lowered their target price on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. Finally, StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.33.

Canadian Solar Trading Down 5.6 %

The stock’s 50-day simple moving average is $14.18 and its two-hundred day simple moving average is $16.01. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82. The firm has a market capitalization of $1.05 billion, a P/E ratio of 5.48, a price-to-earnings-growth ratio of 4.71 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. Canadian Solar’s revenue for the quarter was down 30.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.39 EPS. Equities research analysts expect that Canadian Solar Inc. will post 0.12 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Canadian Solar by 41.5% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 108,666 shares of the solar energy provider’s stock valued at $1,603,000 after acquiring an additional 31,860 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Canadian Solar in the second quarter worth about $343,000. Quarry LP purchased a new stake in shares of Canadian Solar in the second quarter worth about $31,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Canadian Solar by 43.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after buying an additional 4,739 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in Canadian Solar by 29.4% during the second quarter. NewEdge Advisors LLC now owns 69,165 shares of the solar energy provider’s stock valued at $1,020,000 after buying an additional 15,718 shares during the last quarter. Institutional investors 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.