Canadian Solar (NASDAQ:CSIQ) Hits New 12-Month Low - Here's Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) reached a new 52-week low on Friday . The stock traded as low as $8.20 and last traded at $7.98, with a volume of 32590 shares. The stock had previously closed at $8.45.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. The Goldman Sachs Group reduced their price target on shares of Canadian Solar from $11.00 to $9.00 and set a "sell" rating for the company in a research note on Wednesday, March 26th. Citigroup dropped their target price on Canadian Solar from $12.00 to $11.00 and set a "sell" rating on the stock in a research report on Wednesday, March 26th. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 8th. StockNews.com lowered shares of Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Finally, Mizuho began coverage on shares of Canadian Solar in a report on Friday, December 13th. They set an "outperform" rating and a $20.00 target price for the company. Five analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Canadian Solar has an average rating of "Hold" and a consensus target price of $17.84.

Canadian Solar Stock Up 12.9 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The firm has a market capitalization of $505.12 million, a PE ratio of -63.48, a PEG ratio of 0.74 and a beta of 1.33. The company has a fifty day moving average price of $9.83 and a 200-day moving average price of $11.70.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing analysts' consensus estimates of ($0.21) by ($1.26). The business had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business's quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business earned ($0.02) earnings per share. As a group, analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Large investors have recently modified their holdings of the stock. USCF Advisers LLC boosted its stake in Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock worth $28,000 after buying an additional 1,000 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after purchasing an additional 3,347 shares during the period. Sciencast Management LP bought a new position in Canadian Solar during the 4th quarter valued at about $113,000. Miracle Mile Advisors LLC purchased a new stake in Canadian Solar in the 4th quarter worth about $133,000. Finally, Hsbc Holdings PLC bought a new stake in Canadian Solar in the fourth quarter worth about $177,000. 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.