Canadian Solar (NASDAQ:CSIQ) Hits New 1-Year Low - What's Next?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $10.43 and last traded at $10.59, with a volume of 456911 shares traded. The stock had previously closed at $10.84.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. The Goldman Sachs Group downgraded 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 assumed coverage on Canadian Solar in a report on Friday, December 13th. They issued an "outperform" rating and a $20.00 price objective for the company. Citigroup cut Canadian Solar from a "neutral" rating to a "sell" rating and cut their price objective for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. StockNews.com lowered Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 17th. Finally, Wells Fargo & Company dropped their price target on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 8th. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $18.31.

Canadian Solar Stock Performance

The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $725.11 million, a P/E ratio of -91.33, a P/E/G ratio of 0.68 and a beta of 1.27. The company's 50-day moving average is $11.83 and its two-hundred day moving average is $13.42.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings data 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. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the firm posted $0.32 earnings per share. The business's revenue was down 18.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors have recently bought and sold shares of the stock. Shah Capital Management increased its position 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 purchasing an additional 1,556,964 shares during the period. Mackenzie Financial Corp boosted its stake in Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider's stock valued at $75,456,000 after buying an additional 1,037,800 shares in the last quarter. Cerity Partners LLC grew its holdings in Canadian Solar by 131.5% during the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider's stock worth $7,186,000 after acquiring an additional 243,542 shares during the period. Barclays PLC raised its position in Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider's stock worth $1,932,000 after acquiring an additional 95,924 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Canadian Solar in the 3rd quarter valued at about $1,109,000. Institutional investors and hedge funds 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.