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

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $12.63, but opened at $12.13. Canadian Solar shares last traded at $12.23, with a volume of 909,704 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CSIQ shares. The Goldman Sachs Group lowered their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Roth Mkm decreased their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. JPMorgan Chase & Co. lifted their target price on shares of Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. Finally, Glj Research lifted their price objective on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research note on Tuesday, July 30th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $22.03.

Canadian Solar Price Performance

The firm has a market capitalization of $791.26 million, a price-to-earnings ratio of 4.15, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31. The stock’s fifty day moving average price is $13.85 and its two-hundred day moving average price is $15.45. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business’s quarterly revenue was down 30.8% on a year-over-year basis. During the same quarter last year, the company earned $2.39 EPS. Equities research analysts expect that Canadian Solar Inc. will post 0.12 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Janney Montgomery Scott LLC increased its position in shares of Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after purchasing an additional 1,283 shares in the last quarter. American Century Companies Inc. lifted its stake in Canadian Solar by 8.0% in the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after buying an additional 1,383 shares during the last quarter. Quarry LP acquired a new stake in shares of Canadian Solar in the second quarter valued at approximately $31,000. Summit Place Financial Advisors LLC grew its position in shares of Canadian Solar by 7.8% during the first quarter. Summit Place Financial Advisors LLC now owns 33,013 shares of the solar energy provider’s stock worth $652,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its position in Canadian Solar by 72.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after purchasing an additional 3,100 shares during the last quarter. 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.