Canadian Solar (NASDAQ:CSIQ) Stock Price Down 5.8%

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price dropped 5.8% on Monday . The stock traded as low as $21.35 and last traded at $21.41, approximately 787,737 shares traded hands during mid-day trading. A decline of 3% from the average daily volume of 814,288 shares. The stock had previously closed at $22.72.

A number of research analysts have issued reports on CSIQ shares. Cascend Securities reissued a “buy” rating and set a $30.00 target price (up from $25.00) on shares of Canadian Solar in a research note on Friday, August 16th. Roth Capital raised their price target on shares of Canadian Solar from $27.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Zacks Investment Research raised Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Thursday, June 20th. BidaskClub cut Canadian Solar from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Finally, JPMorgan Chase & Co. set a $25.00 price objective on Canadian Solar and gave the stock a “hold” rating in a research report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. Canadian Solar presently has an average rating of “Hold” and an average price target of $25.50.

The business has a fifty day moving average price of $22.26 and a 200 day moving average price of $21.05. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.87. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 6.46, a price-to-earnings-growth ratio of 0.22 and a beta of 2.02.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 15th. The solar energy provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.54. Canadian Solar had a net margin of 7.01% and a return on equity of 14.80%. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $990.29 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was up 59.4% compared to the same quarter last year. Research analysts anticipate that Canadian Solar Inc. will post 2.98 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in CSIQ. Deutsche Bank AG boosted its stake in Canadian Solar by 526.9% during the fourth quarter. Deutsche Bank AG now owns 13,691 shares of the solar energy provider’s stock valued at $196,000 after buying an additional 11,507 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in Canadian Solar by 22.4% in the first quarter. BNP Paribas Arbitrage SA now owns 31,991 shares of the solar energy provider’s stock worth $596,000 after acquiring an additional 5,851 shares in the last quarter. SG Americas Securities LLC raised its position in Canadian Solar by 23.8% in the first quarter. SG Americas Securities LLC now owns 48,069 shares of the solar energy provider’s stock worth $896,000 after acquiring an additional 9,236 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in Canadian Solar in the first quarter worth about $4,862,000. Finally, California Public Employees Retirement System lifted its holdings in Canadian Solar by 1.7% in the 1st quarter. California Public Employees Retirement System now owns 194,758 shares of the solar energy provider’s stock valued at $3,628,000 after acquiring an additional 3,179 shares during the last quarter. Institutional investors and hedge funds own 41.32% of the company’s stock.

Canadian Solar Company Profile (NASDAQ:CSIQ)

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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