Canadian Solar (NASDAQ:CSIQ) Shares Down 5.5% After Analyst Downgrade

Canadian Solar Inc. (NASDAQ:CSIQ) fell 5.5% during trading on Monday after Mizuho lowered their price target on the stock from $19.00 to $15.00. Mizuho currently has a neutral rating on the stock. Canadian Solar traded as low as $13.51 and last traded at $13.47. 717,078 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 2,985,168 shares. The stock had previously closed at $14.26.

A number of other equities analysts have also issued reports on the company. Roth Mkm decreased their price objective on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a report on Monday. Daiwa Securities Group upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target for the company in a research report on Tuesday, December 2nd. Oppenheimer decreased their price target on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $17.66.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently modified their holdings of CSIQ. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Canadian Solar in the fourth quarter valued at $48,000. Quarry LP bought a new stake in Canadian Solar in the fourth quarter worth about $54,000. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in Canadian Solar in the 4th quarter valued at about $69,000. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the 2nd quarter valued at about $33,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after purchasing an additional 2,463 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

The company’s 50-day moving average price is $19.31 and its two-hundred day moving average price is $19.76. The company has a market cap of $877.31 million, a P/E ratio of -5.24 and a beta of 1.31. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) EPS for the quarter, missing the consensus estimate of ($1.10) by ($0.56). The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.37 billion. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. The firm’s revenue for the quarter was down 20.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.48 earnings per share. As a group, equities analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.