Canadian Solar (NASDAQ:CSIQ) Shares Gap Up to $12.37

Canadian Solar Inc. (NASDAQ:CSIQ) gapped up prior to trading on Wednesday . The stock had previously closed at $12.37, but opened at $12.83. Canadian Solar shares last traded at $13.31, with a volume of 463,975 shares traded.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Oppenheimer decreased their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. The Goldman Sachs Group decreased their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. JPMorgan Chase & Co. raised their price objective on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. Glj Research raised their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research note on Tuesday, July 30th. Finally, StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $23.33.

Canadian Solar Trading Up 0.5 %

The company has a market capitalization of $919.61 million, a PE ratio of 4.83, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. The company’s fifty day moving average is $14.55 and its 200-day moving average is $16.55. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period last year, the company posted $2.39 earnings per share. Canadian Solar’s revenue was down 30.8% compared to the same quarter last year. On average, analysts anticipate that Canadian Solar Inc. will post 0.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp lifted its stake in shares of Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares during the period. Schroder Investment Management Group lifted its position in Canadian Solar by 15.7% during the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after purchasing an additional 213,959 shares during the period. DNB Asset Management AS lifted its position in Canadian Solar by 31.4% during the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock valued at $13,083,000 after purchasing an additional 211,820 shares during the period. Robotti Robert lifted its position in Canadian Solar by 92.5% during the first quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock valued at $6,234,000 after purchasing an additional 151,610 shares during the period. Finally, SIR Capital Management L.P. acquired a new position in Canadian Solar during the second quarter valued at $3,994,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

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.