Canadian Solar (NASDAQ:CSIQ) Shares Gap Down – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) gapped down prior to trading on Tuesday . The stock had previously closed at $11.66, but opened at $11.28. Canadian Solar shares last traded at $11.64, with a volume of 337,478 shares.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of a number of recent research reports. Mizuho started coverage on Canadian Solar in a research note on Friday. They set an “outperform” rating and a $20.00 price objective for the company. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Wells Fargo & Company dropped their price target on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 5th. Roth Mkm cut their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Finally, The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $14.00 to $11.00 in a report on Tuesday. Four research analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Canadian Solar presently has an average rating of “Hold” and an average target price of $18.58.

Canadian Solar Stock Up 0.3 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The stock’s fifty day simple moving average is $12.88 and its two-hundred day simple moving average is $14.42. The company has a market capitalization of $773.40 million, a price-to-earnings ratio of -97.17, a P/E/G ratio of 8.89 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm’s revenue for the quarter was down 18.4% compared to the same quarter last year. During the same period last year, the firm posted $0.32 earnings per share. On average, sell-side analysts anticipate that Canadian Solar Inc. will post 0.06 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp boosted its position in shares of Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after purchasing an additional 1,037,800 shares during the period. Foundry Partners LLC purchased a new stake in Canadian Solar during the second quarter valued at about $3,667,000. Private Advisor Group LLC acquired a new position in shares of Canadian Solar in the third quarter worth about $219,000. Cerity Partners LLC increased its position in shares of Canadian Solar by 131.5% in the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after acquiring an additional 243,542 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in shares of Canadian Solar during the third quarter valued at approximately $1,109,000. 52.36% of the stock is 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.