Canadian Solar (NASDAQ:CSIQ) Sets New 1-Year Low at $15.08

Canadian Solar Inc. (NASDAQ:CSIQ) shares hit a new 52-week low on Wednesday . The stock traded as low as $15.08 and last traded at $15.26, with a volume of 1819555 shares. The stock had previously closed at $15.27.

Analysts Set New Price Targets

CSIQ has been the subject of several recent research reports. Daiwa Capital Markets initiated coverage on Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price objective for the company. The Goldman Sachs Group decreased their price objective on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, March 15th. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Wells Fargo & Company reduced their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, March 19th. Finally, Citigroup reduced their target price on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, March 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Canadian Solar presently has an average rating of “Hold” and an average target price of $31.78.

Canadian Solar Stock Down 0.8 %

The company has a fifty day moving average price of $19.70 and a 200 day moving average price of $21.41. The company has a market cap of $929.59 million, a PE ratio of 3.74, a price-to-earnings-growth ratio of 0.23 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.04 and a quick ratio of 0.84.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The company’s quarterly revenue was down 13.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.11 EPS. As a group, analysts anticipate that Canadian Solar Inc. will post 2.58 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently modified their holdings of CSIQ. American Century Companies Inc. lifted its stake in shares of Canadian Solar by 4.1% during the 1st quarter. American Century Companies Inc. now owns 31,650 shares of the solar energy provider’s stock worth $1,119,000 after acquiring an additional 1,252 shares during the last quarter. Cetera Advisor Networks LLC raised its position in Canadian Solar by 10.2% during the 1st quarter. Cetera Advisor Networks LLC now owns 11,647 shares of the solar energy provider’s stock valued at $412,000 after purchasing an additional 1,074 shares in the last quarter. Bank of Montreal Can raised its position in Canadian Solar by 20.7% during the 1st quarter. Bank of Montreal Can now owns 11,853 shares of the solar energy provider’s stock valued at $416,000 after purchasing an additional 2,036 shares in the last quarter. Great West Life Assurance Co. Can raised its position in Canadian Solar by 115.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after purchasing an additional 589 shares in the last quarter. Finally, Cibc World Market Inc. bought a new stake in Canadian Solar during the 1st quarter valued at $272,000. 52.36% of the stock is owned by institutional investors.

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.