Canadian Solar (NASDAQ:CSIQ) Reaches New 52-Week Low - Should You Sell?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $10.74 and last traded at $10.76, with a volume of 2435344 shares changing hands. The stock had previously closed at $11.32.

Wall Street Analyst Weigh In

CSIQ has been the subject of a number of recent research reports. Jefferies Financial Group began coverage on shares of Canadian Solar in a report on Friday, November 22nd. They issued a "buy" rating and a $14.15 price objective for the company. Wells Fargo & Company lowered their price objective on Canadian Solar from $15.00 to $13.00 and set an "equal weight" rating on the stock in a report on Thursday, December 5th. Roth Mkm reduced their target price on Canadian Solar from $25.00 to $20.00 and set a "buy" rating for the company in a report on Monday, August 26th. Oppenheimer lowered their price target on Canadian Solar from $43.00 to $27.00 and set an "outperform" rating on the stock in a report on Friday, August 23rd. Finally, Citigroup cut shares of Canadian Solar from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $18.58.

Canadian Solar Price Performance

The firm has a market cap of $711.87 million, a P/E ratio of -89.67, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29. The stock's 50-day moving average is $12.66 and its 200-day moving average is $14.31. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted 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. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period last year, the business posted $0.32 EPS. The business's quarterly revenue was down 18.4% on a year-over-year basis. As a group, equities analysts anticipate that Canadian Solar Inc. will post 0.06 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently added to or reduced their stakes in CSIQ. Quarry LP bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $31,000. Daiwa Securities Group Inc. boosted its stake in Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider's stock worth $149,000 after buying an additional 1,500 shares in the last quarter. Private Advisor Group LLC bought a new stake in Canadian Solar in the 3rd quarter valued at $219,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider's stock valued at $232,000 after buying an additional 4,739 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider's stock worth $276,000 after acquiring an additional 1,383 shares during the period. Institutional investors and hedge funds own 52.36% of the company's stock.

Canadian Solar Company Profile

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.