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

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s share price reached 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 changing hands. The stock had previously closed at $10.31.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of several research analyst reports. The Goldman Sachs Group downgraded shares of Canadian Solar from a "neutral" rating to a "sell" rating and decreased their price target for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Mizuho started coverage on Canadian Solar in a research report on Friday, December 13th. They set an "outperform" rating and a $20.00 price target on the stock. Jefferies Financial Group began coverage on 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 dropped their target price 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. Finally, Citigroup lowered shares of Canadian Solar from a "neutral" rating to a "sell" rating and reduced their price target for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target 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 stock has a 50 day moving average price of $11.66 and a two-hundred day moving average price of $13.11. The firm has a market cap of $642.41 million, a PE ratio of -80.92, a price-to-earnings-growth ratio of 0.68 and a beta of 1.26.

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, beating analysts' consensus estimates of ($0.44) by $0.13. The firm 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 quarter last year, the company earned $0.32 EPS. As a group, equities analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors have recently modified their holdings of CSIQ. Shah Capital Management lifted 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 worth $19,410,000 after buying an additional 1,556,964 shares during the last quarter. Barclays PLC raised its stake in Canadian Solar by 494.4% during the 3rd 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. Charles Schwab Investment Management Inc. lifted its position in Canadian Solar by 101.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider's stock valued at $1,902,000 after acquiring an additional 57,246 shares during the last quarter. Private Advisor Group LLC acquired a new position in Canadian Solar in the third quarter valued at $219,000. Finally, Cerity Partners LLC grew its holdings in shares of 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 purchasing an additional 243,542 shares during 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.