Key Points
- Insider sale: Canadian Solar director Leslie Li Hsien Chang sold 1,767 shares on May 26 at an average price of $19.45, for proceeds of about $34,368.
- Quarterly results beat estimates: The company reported Q1 EPS of -$0.71, better than the expected -$1.06, and revenue of $1.08 billion versus forecasts of $950.43 million.
- Wall Street sentiment remains cautious: Analysts have a consensus rating of Reduce with an average price target of $18.36, even as institutional investors continue to adjust positions in the stock.
Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The sale was disclosed in a document filed with the SEC, which is available at this link.
Canadian Solar Price Performance
Shares of NASDAQ:CSIQ opened at $20.26 on Friday. The company's fifty day moving average price is $15.33 and its 200 day moving average price is $19.85. Canadian Solar Inc. has a 12 month low of $9.41 and a 12 month high of $34.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The firm has a market capitalization of $1.37 billion, a P/E ratio of -8.04 and a beta of 1.44.
Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. During the same period last year, the business earned ($1.07) EPS. Canadian Solar's revenue for the quarter was down 9.9% compared to the same quarter last year. As a group, sell-side analysts predict that Canadian Solar Inc. will post -1.16 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in CSIQ. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar during the second quarter worth about $33,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock worth $42,000 after acquiring an additional 2,463 shares during the period. China Universal Asset Management Co. Ltd. acquired a new position in shares of Canadian Solar during the fourth quarter worth about $48,000. Quarry LP acquired a new position in shares of Canadian Solar during the fourth quarter worth about $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider's stock worth $63,000 after buying an additional 312 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
CSIQ has been the topic of several research analyst reports. Mizuho cut their price target on shares of Canadian Solar from $19.00 to $15.00 and set a "neutral" rating on the stock in a research note on Monday, March 23rd. Wall Street Zen upgraded shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. Oppenheimer dropped their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, March 20th. Weiss Ratings restated a "sell (d+)" rating on shares of Canadian Solar in a research note on Friday, March 27th. Finally, Freedom Capital lowered Canadian Solar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $18.36.
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Canadian Solar Company Profile
(
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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.
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