Canadian Solar (NASDAQ:CSIQ) Hits New 12-Month Low - Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $9.77 and last traded at $9.71, with a volume of 289131 shares. The stock had previously closed at $10.31.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. StockNews.com downgraded shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Mizuho assumed coverage on shares of Canadian Solar in a research note on Friday, December 13th. They issued an "outperform" rating and a $20.00 target price on the stock. The Goldman Sachs Group downgraded shares of Canadian Solar from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th. Citigroup downgraded shares of Canadian Solar from a "neutral" rating to a "sell" rating and dropped their target price for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Finally, Jefferies Financial Group assumed coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They issued a "buy" rating and a $14.15 target price on the stock. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $18.31.

Canadian Solar Price Performance

The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The firm's fifty day moving average price is $11.46 and its two-hundred day moving average price is $12.99. The stock has a market capitalization of $673.51 million, a PE ratio of -84.83, a PEG ratio of 0.67 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, beating analysts' consensus estimates of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.71 billion. During the same period in the prior year, the company earned $0.32 earnings per share. The firm's revenue was down 18.4% on a year-over-year basis. On average, equities analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Trading of Canadian Solar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Sanctuary Advisors LLC purchased a new stake in shares of Canadian Solar in the second quarter worth $343,000. SG Americas Securities LLC increased its stake in shares of Canadian Solar by 109.5% in the third quarter. SG Americas Securities LLC now owns 68,730 shares of the solar energy provider's stock worth $1,152,000 after purchasing an additional 35,921 shares in the last quarter. Handelsbanken Fonder AB increased its stake in shares of Canadian Solar by 69.8% in the third quarter. Handelsbanken Fonder AB now owns 19,700 shares of the solar energy provider's stock worth $330,000 after purchasing an additional 8,100 shares in the last quarter. Private Advisor Group LLC purchased a new stake in shares of Canadian Solar in the third quarter worth $219,000. Finally, Summit Place Financial Advisors LLC increased its stake in shares of Canadian Solar by 60.0% in the third quarter. Summit Place Financial Advisors LLC now owns 59,223 shares of the solar energy provider's stock worth $993,000 after purchasing an additional 22,200 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.