Canadian Solar (NASDAQ:CSIQ) Trading Down 4.5% – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price fell 4.5% on Monday . The stock traded as low as $13.35 and last traded at $13.35. 983,730 shares changed hands during trading, a decline of 38% from the average session volume of 1,597,326 shares. The stock had previously closed at $13.98.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CSIQ. Glj Research raised their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a report on Tuesday, July 30th. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. Roth Mkm decreased their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Finally, The Goldman Sachs Group decreased their price target 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. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $23.33.

Canadian Solar Price Performance

The company’s 50-day moving average is $14.05 and its 200-day moving average is $15.79. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82. The firm has a market capitalization of $883.22 million, a price-to-earnings ratio of 4.85, a PEG ratio of 4.92 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The firm had revenue of $1.64 billion for 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%. Canadian Solar’s revenue was down 30.8% compared to the same quarter last year. During the same period in the previous year, the company posted $2.39 earnings per share. On average, research analysts expect that Canadian Solar Inc. will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP acquired a new position in Canadian Solar during the first quarter valued at approximately $989,000. Mackenzie Financial Corp lifted its position in Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after buying an additional 1,037,800 shares in the last quarter. D. Scott Neal Inc. purchased a new stake in shares of Canadian Solar during the second quarter valued at approximately $3,898,000. BNP Paribas Financial Markets raised its stake in shares of Canadian Solar by 30.9% during the first quarter. BNP Paribas Financial Markets now owns 198,646 shares of the solar energy provider’s stock valued at $3,925,000 after purchasing an additional 46,888 shares during the period. Finally, Janney Montgomery Scott LLC raised its stake in shares of Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after purchasing an additional 1,283 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

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.