Canadian Solar (NASDAQ:CSIQ) Shares Down 5.8%
Canadian Solar Inc. (NASDAQ:CSIQ) dropped 5.8% during mid-day trading on Wednesday . The stock traded as low as $20.35 and last traded at $20.60, approximately 1,075,410 shares traded hands during trading. An increase of 34% from the average daily volume of 801,134 shares. The stock had previously closed at $21.86.
CSIQ has been the topic of several research reports. BidaskClub upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating in a research report on Saturday, August 3rd. JPMorgan Chase & Co. set a $25.00 price target on shares of Canadian Solar and gave the stock a “hold” rating in a research report on Friday, June 21st. Zacks Investment Research upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, June 20th. Finally, ValuEngine downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $22.50.
The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.88. The firm has a market cap of $1.27 billion, a P/E ratio of 6.28, a price-to-earnings-growth ratio of 0.28 and a beta of 2.22. The business’s 50-day moving average price is $21.33.
Institutional investors have recently added to or reduced their stakes in the business. Financial Gravity Wealth Inc. acquired a new position in Canadian Solar during the 1st quarter valued at about $26,000. Bank of Montreal Can increased its stake in shares of Canadian Solar by 59.4% in the 2nd quarter. Bank of Montreal Can now owns 2,951 shares of the solar energy provider’s stock valued at $65,000 after acquiring an additional 1,100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Canadian Solar in the 2nd quarter valued at about $68,000. C M Bidwell & Associates Ltd. increased its stake in shares of Canadian Solar by 30.0% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 4,530 shares of the solar energy provider’s stock valued at $99,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Advisor Group Inc. increased its stake in shares of Canadian Solar by 14.7% in the 2nd quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock valued at $107,000 after acquiring an additional 629 shares during the last quarter. Institutional investors own 41.10% of the company’s stock.
Canadian Solar Company Profile (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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