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Stock to Watch: Canadian Solar Down 6.4% (CSIQ)

Published on Wed, 01/16/2013 - 13:22
By Peter Chu

Canadian Solar (NASDAQ:CSIQ) is one of today's worst performing low-priced stocks, down 6.4% to $4.12 on 1.5x average daily volume. Thus far today, Canadian Solar has traded 915,000 shares, vs. average volume of 627,000 shares per day. The stock has underperformed the Dow (-6.4% to the Dow's -0.2%) and underperformed the S&P 500 (-6.4% to the S&P's -0.1%) during today's trading.

In the past 52 weeks, Canadian Solar share prices have been bracketed by a low of $1.95 and a high of $4.74 and are now at $4.12, 111% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 3.8%.

Based on a current price of $4.12, Canadian Solar is currently 10.8% above its average consensus analyst price target of $3.67. The stock should discover initial support at its 200-day moving average (MA) of $3.08 and subsequent support at its 50-day MA of $3.01.

Canadian Solar Inc. designs, manufactures, and sells solar module products that convert sunlight into electricity for a variety of uses. The Company's products include a range of standard solar modules for use in a wide range of residential, commercial, and industrial solar power generation systems.

By Peter Chu