Canadian Solar Inc. (NASDAQ:CSIQ) fell 0.5% during trading on Friday . The stock traded as low as $21.25 and last traded at $21.64. 291,660 shares were traded during trading, a decline of 62% from the average session volume of 771,504 shares. The stock had previously closed at $21.74.
Several brokerages recently commented on CSIQ. ValuEngine lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Saturday, May 18th. JPMorgan Chase & Co. began coverage on shares of Canadian Solar in a research note on Thursday, April 11th. They set a “neutral” rating and a $22.00 price target on the stock. Standpoint Research lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Zacks Investment Research lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Thursday, April 11th. Finally, Cascend Securities upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating and lifted their price target for the stock from $21.00 to $27.00 in a research note on Wednesday, February 20th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $21.50.
The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.88 and a current ratio of 1.01. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 6.60, a P/E/G ratio of 0.27 and a beta of 2.32.
Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, May 30th. The solar energy provider reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.15. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The company had revenue of $484.70 million during the quarter, compared to the consensus estimate of $468.25 million. During the same period in the previous year, the firm earned $0.72 earnings per share. Canadian Solar’s revenue for the quarter was down 46.2% on a year-over-year basis. Research analysts anticipate that Canadian Solar Inc. will post 2.43 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Canadian Solar by 27.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,453,151 shares of the solar energy provider’s stock worth $27,072,000 after purchasing an additional 310,619 shares during the period. Norges Bank bought a new position in shares of Canadian Solar during the 4th quarter valued at about $17,966,000. Millennium Management LLC boosted its position in shares of Canadian Solar by 3,305.5% during the 4th quarter. Millennium Management LLC now owns 963,017 shares of the solar energy provider’s stock valued at $13,810,000 after purchasing an additional 934,739 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Canadian Solar by 5.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 947,458 shares of the solar energy provider’s stock valued at $17,651,000 after purchasing an additional 52,947 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Canadian Solar by 8.8% in the third quarter. Vanguard Group Inc. now owns 790,900 shares of the solar energy provider’s stock worth $11,468,000 after buying an additional 63,923 shares during the period. 40.70% of the stock is currently owned by hedge funds and other institutional investors.
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About Canadian Solar (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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