Canadian Solar (NASDAQ:CSIQ) Shares Down 10.2% - Here's Why

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price dropped 10.2% during mid-day trading on Tuesday . The company traded as low as $13.86 and last traded at $13.93. Approximately 1,003,995 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 1,648,596 shares. The stock had previously closed at $15.51.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CSIQ shares. JPMorgan Chase & Co. lifted their target price on shares of Canadian Solar from $17.00 to $20.00 and gave the company an "underweight" rating in a report on Tuesday, July 16th. Glj Research upped their target price on Canadian Solar from $9.10 to $12.28 and gave the stock a "sell" rating in a research report on Tuesday, July 30th. Roth Mkm reduced their price target on Canadian Solar from $25.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, August 26th. Citigroup cut Canadian Solar from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a "neutral" rating on the stock in a research note on Monday, August 26th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $22.03.

Canadian Solar Stock Down 9.6 %

The stock has a market cap of $927.55 million, a P/E ratio of 4.85, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31. The stock's 50-day moving average is $13.78 and its 200-day moving average is $15.36. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The firm's revenue for the quarter was down 30.8% compared to the same quarter last year. During the same period last year, the firm posted $2.39 earnings per share. As a group, research analysts anticipate that Canadian Solar Inc. will post 0.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp increased its holdings in shares of Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider's stock valued at $75,456,000 after acquiring an additional 1,037,800 shares during the last quarter. DNB Asset Management AS lifted its stake in shares of Canadian Solar by 31.4% in the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider's stock worth $13,083,000 after buying an additional 211,820 shares during the last quarter. Robotti Robert boosted its holdings in shares of Canadian Solar by 92.5% during the 1st quarter. Robotti Robert now owns 315,476 shares of the solar energy provider's stock worth $6,234,000 after buying an additional 151,610 shares during the period. SIR Capital Management L.P. acquired a new position in Canadian Solar in the 2nd quarter valued at $3,994,000. Finally, D. Scott Neal Inc. bought a new position in Canadian Solar in the 2nd quarter worth $3,898,000. Hedge funds and other institutional investors 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.