Canadian Solar (NASDAQ:CSIQ) Trading Down 9.5% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price fell 9.5% on Friday . The company traded as low as $18.06 and last traded at $18.0360. 1,246,281 shares traded hands during trading, a decline of 60% from the average session volume of 3,129,912 shares. The stock had previously closed at $19.94.

Analyst Upgrades and Downgrades

Several research analysts have commented on CSIQ shares. UBS Group raised their price objective on Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research report on Wednesday, November 19th. Mizuho reiterated an “underperform” rating and set a $21.00 target price (up from $15.00) on shares of Canadian Solar in a report on Wednesday, November 19th. Daiwa Securities Group upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target for the company in a report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Finally, Roth Mkm boosted their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, November 17th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, Canadian Solar has a consensus rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Stock Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The company has a market capitalization of $1.19 billion, a PE ratio of -49.19 and a beta of 1.28. The company has a 50 day moving average price of $21.45 and a 200 day moving average price of $19.06.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. bought a new position in shares of Canadian Solar during the fourth quarter worth about $48,000. Quarry LP acquired a new stake in Canadian Solar during the fourth quarter valued at approximately $54,000. Taikang Asset Management Hong Kong Co Ltd bought a new position in Canadian Solar during the 4th quarter worth approximately $69,000. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar in the 2nd quarter worth approximately $33,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after acquiring an additional 2,463 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.