Canadian Solar (NASDAQ:CSIQ) Shares Down 2.2% on Analyst Downgrade

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price dropped 2.2% on Friday after UBS Group lowered their price target on the stock from $47.00 to $36.00. UBS Group currently has a buy rating on the stock. Canadian Solar traded as low as $19.91 and last traded at $20.06. Approximately 236,615 shares were traded during trading, a decline of 80% from the average daily volume of 1,188,579 shares. The stock had previously closed at $20.51.

Other analysts have also issued research reports about the company. Oppenheimer lowered their price target on Canadian Solar from $68.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday. Citigroup reduced their price target on Canadian Solar from $30.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 18th. JPMorgan Chase & Co. downgraded Canadian Solar from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $32.00 to $22.00 in a research report on Wednesday. Roth Mkm reduced their price target on Canadian Solar from $70.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, August 23rd. Finally, Roth Capital cut their target price on Canadian Solar from $50.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $37.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. acquired a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $33,000. Adirondack Trust Co. boosted its position in Canadian Solar by 200.0% in the 3rd quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock valued at $37,000 after buying an additional 1,000 shares during the period. Quarry LP boosted its position in Canadian Solar by 1,268.6% in the 1st quarter. Quarry LP now owns 958 shares of the solar energy provider’s stock valued at $38,000 after buying an additional 888 shares during the period. Great West Life Assurance Co. Can boosted its position in Canadian Solar by 115.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after buying an additional 589 shares during the period. Finally, State of Tennessee Treasury Department purchased a new position in Canadian Solar in the 2nd quarter valued at approximately $54,000. 50.35% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

The company has a market cap of $1.32 billion, a PE ratio of 4.08 and a beta of 1.49. The company’s 50-day simple moving average is $22.83 and its 200 day simple moving average is $31.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.96 and a current ratio of 1.16.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Tuesday, November 14th. The solar energy provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.50). Canadian Solar had a return on equity of 11.98% and a net margin of 4.48%. The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the firm posted $1.12 earnings per share. Canadian Solar’s revenue for the quarter was down 4.5% on a year-over-year basis. On average, sell-side analysts predict that Canadian Solar Inc. will post 6.21 earnings per share for the current fiscal year.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.