Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) fell 5.5% during trading on Monday . The company traded as low as $40.46 and last traded at $40.67. 15,685 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 1,085,054 shares. The stock had previously closed at $43.02.
Wall Street Analyst Weigh In
A number of brokerages recently commented on CSIQ. JPMorgan Chase & Co. increased their price objective on shares of Canadian Solar from $42.00 to $48.00 in a research note on Friday, August 19th. The Goldman Sachs Group cut shares of Canadian Solar from a "neutral" rating to a "sell" rating and lowered their price objective for the company from $43.00 to $38.00 in a research note on Wednesday, September 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $43.75.
Get Canadian Solar alerts:Canadian Solar Price Performance
The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 20.29 and a beta of 1.34. The company's 50 day simple moving average is $37.92 and its 200-day simple moving average is $33.87. The company has a current ratio of 1.20, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48.
Canadian Solar (NASDAQ:CSIQ – Get Rating) last released its quarterly earnings results on Thursday, August 18th. The solar energy provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.37. Canadian Solar had a net margin of 2.29% and a return on equity of 5.81%. The company had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.23 billion. During the same period last year, the company earned $0.18 EPS. The firm's revenue for the quarter was up 61.8% compared to the same quarter last year. On average, equities research analysts predict that Canadian Solar Inc. will post 2.66 earnings per share for the current fiscal year.Institutional Investors Weigh In On Canadian Solar
Hedge funds have recently modified their holdings of the company. McGowan Group Asset Management Inc. purchased a new position in shares of Canadian Solar during the 1st quarter worth about $208,000. Duality Advisers LP purchased a new position in shares of Canadian Solar during the 1st quarter worth about $358,000. Qube Research & Technologies Ltd purchased a new position in shares of Canadian Solar during the 1st quarter worth about $535,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Canadian Solar by 3.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,685 shares of the solar energy provider's stock worth $1,262,000 after acquiring an additional 1,225 shares during the period. Finally, California Public Employees Retirement System lifted its holdings in shares of Canadian Solar by 2.0% during the 4th quarter. California Public Employees Retirement System now owns 98,659 shares of the solar energy provider's stock worth $3,087,000 after acquiring an additional 1,917 shares during the period. 50.21% of the stock is owned by institutional investors and hedge funds.
Canadian Solar Company Profile
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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.
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