Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low - Here's Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) hit a new 52-week low on Tuesday . The company traded as low as $10.09 and last traded at $10.31, with a volume of 341685 shares. The stock had previously closed at $10.70.

Analyst Ratings Changes

A number of equities research analysts have commented on CSIQ shares. StockNews.com downgraded Canadian Solar from a "hold" rating to a "sell" rating in a report on Friday, January 17th. The Goldman Sachs Group cut shares of Canadian Solar from a "neutral" rating to a "sell" rating and reduced their price objective for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Mizuho began coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an "outperform" rating and a $20.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a "buy" rating and a $14.15 price target for the company. Finally, Wells Fargo & Company lowered their price target on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $18.31.

Canadian Solar Price Performance

The firm has a market capitalization of $689.39 million, a PE ratio of -87.54, a P/E/G ratio of 0.68 and a beta of 1.27. The company has a 50-day moving average price of $11.78 and a 200-day moving average price of $13.27. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released 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 company had revenue of $1.51 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the company earned $0.32 EPS. Sell-side analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Shah Capital Management grew its stake in shares of Canadian Solar by 825.6% during the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider's stock valued at $19,410,000 after buying an additional 1,556,964 shares during the period. Barclays PLC grew its position in Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider's stock valued at $1,932,000 after acquiring an additional 95,924 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Canadian Solar by 101.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider's stock worth $1,902,000 after acquiring an additional 57,246 shares during the last quarter. Private Advisor Group LLC purchased a new position in shares of Canadian Solar in the 3rd quarter worth about $219,000. Finally, Cerity Partners LLC lifted its stake in shares of 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 in the last quarter. Hedge funds and other 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.