Canadian Solar (NASDAQ:CSIQ) Shares Down 5.1%

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded down 5.1% during trading on Thursday . The company traded as low as $14.27 and last traded at $14.35. 1,712,310 shares traded hands during trading, an increase of 24% from the average session volume of 1,381,122 shares. The stock had previously closed at $15.12.

Analyst Ratings Changes

Several analysts have commented on the stock. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. The Goldman Sachs Group decreased their target price on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Citigroup decreased their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Daiwa Capital Markets assumed coverage on shares of Canadian Solar in a research note on Monday, March 11th. They issued a “neutral” rating and a $21.00 price objective for the company. Finally, Wells Fargo & Company reduced their price objective on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $31.78.

Canadian Solar Trading Down 3.9 %

The stock has a market capitalization of $937.33 million, a price-to-earnings ratio of 3.64, a PEG ratio of 0.24 and a beta of 1.26. The company’s 50 day moving average is $19.86 and its 200 day moving average is $21.46. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.04.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.11. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the prior year, the company posted $1.11 EPS. The company’s revenue was down 13.7% compared to the same quarter last year. On average, research analysts forecast that Canadian Solar Inc. will post 2.57 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

A number of hedge funds have recently modified their holdings of CSIQ. Grantham Mayo Van Otterloo & Co. LLC raised its position in shares of Canadian Solar by 137.9% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider’s stock valued at $92,569,000 after acquiring an additional 2,180,240 shares during the period. Mackenzie Financial Corp raised its position in shares of Canadian Solar by 27.1% in the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock valued at $103,661,000 after acquiring an additional 843,100 shares during the period. Bank of America Corp DE raised its position in shares of Canadian Solar by 2,094.9% in the 1st quarter. Bank of America Corp DE now owns 471,110 shares of the solar energy provider’s stock valued at $18,755,000 after acquiring an additional 449,646 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Canadian Solar by 275.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 528,597 shares of the solar energy provider’s stock valued at $21,043,000 after acquiring an additional 387,866 shares during the period. Finally, Schroder Investment Management Group raised its position in shares of Canadian Solar by 15.7% in the 4th quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after acquiring an additional 213,959 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.