Canadian Solar (NASDAQ:CSIQ) Shares Down 5.1%

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

Wall Street Analysts Forecast Growth

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

Canadian Solar Trading Down 3.9 %

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

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

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently modified their holdings of the stock. Credit Suisse AG increased its holdings in shares of Canadian Solar by 4.7% during the second quarter. Credit Suisse AG now owns 8,391 shares of the solar energy provider’s stock valued at $325,000 after acquiring an additional 375 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Canadian Solar by 3.4% during the second quarter. Envestnet Asset Management Inc. now owns 11,470 shares of the solar energy provider’s stock valued at $444,000 after acquiring an additional 377 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Canadian Solar by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 17,999 shares of the solar energy provider’s stock valued at $696,000 after acquiring an additional 528 shares in the last quarter. Cetera Advisor Networks LLC increased its holdings in shares of Canadian Solar by 3.5% during the fourth quarter. Cetera Advisor Networks LLC now owns 15,455 shares of the solar energy provider’s stock valued at $405,000 after acquiring an additional 529 shares in the last quarter. Finally, Toroso Investments LLC increased its holdings in shares of Canadian Solar by 24.2% during the third quarter. Toroso Investments LLC now owns 2,727 shares of the solar energy provider’s stock valued at $102,000 after acquiring an additional 531 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

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.