Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $9.13 and last traded at $9.37, with a volume of 408586 shares. The stock had previously closed at $9.59.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 8th. Mizuho began coverage on 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 reduced their price target on Canadian Solar from $11.00 to $9.00 and set a "sell" rating for the company in a report on Wednesday, March 26th. Citigroup dropped their price objective on Canadian Solar from $12.00 to $11.00 and set a "sell" rating on the stock in a report on Wednesday, March 26th. Finally, StockNews.com cut shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $17.84.
Check Out Our Latest Stock Report on CSIQ
Canadian Solar Stock Up 0.2 %
The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The firm has a market capitalization of $573.27 million, a P/E ratio of -72.22, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The business has a 50 day moving average price of $10.21 and a 200 day moving average price of $11.99.
Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.02) earnings per share. On average, analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp grew its position in Canadian Solar by 6.9% during the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider's stock worth $61,422,000 after buying an additional 357,900 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Canadian Solar by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider's stock worth $22,544,000 after acquiring an additional 23,355 shares during the period. Shah Capital Management grew its holdings 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 worth $19,410,000 after purchasing an additional 1,556,964 shares in the last quarter. IvyRock Asset Management HK Ltd bought a new stake in shares of Canadian Solar during the fourth quarter valued at approximately $15,440,000. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new position in shares of Canadian Solar in the fourth quarter valued at $7,738,000. Institutional investors own 52.36% of the company's stock.
About Canadian Solar
(
Get Free Report)
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.
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