Canadian Solar (NASDAQ:CSIQ) Sets New 52-Week Low – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $9.29 and last traded at $9.35, with a volume of 1078827 shares traded. The stock had previously closed at $9.84.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Mizuho initiated coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target for the company. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 target price for the company. Finally, Wells Fargo & Company decreased their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $18.04.

Canadian Solar Stock Performance

The stock has a fifty day simple moving average of $10.80 and a 200-day simple moving average of $12.27. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $615.28 million, a P/E ratio of -77.50, a PEG ratio of 0.74 and a beta of 1.34.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. USCF Advisers LLC raised its position in Canadian Solar by 66.7% in the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 1,000 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Canadian Solar by 184.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares during the last quarter. Sciencast Management LP acquired a new position in Canadian Solar during the 4th quarter worth about $113,000. Miracle Mile Advisors LLC bought a new stake in Canadian Solar during the 4th quarter worth about $133,000. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares in the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile

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.