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

Canadian Solar Inc. (NASDAQ:CSIQ) gapped up prior to trading on Thursday . The stock had previously closed at $28.46, but opened at $31.34. Canadian Solar shares last traded at $31.2160, with a volume of 4,716,824 shares changing hands.

Analysts Set New Price Targets

CSIQ has been the subject of a number of research reports. Wall Street Zen raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. The Goldman Sachs Group increased their price objective on shares of Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a research report on Wednesday, October 8th. Zacks Research raised Canadian Solar from a “strong sell” rating to a “hold” rating in a research report on Friday, September 19th. Jefferies Financial Group reiterated a “hold” rating and issued a $19.64 target price (up previously from $13.70) on shares of Canadian Solar in a report on Monday, November 3rd. Finally, Mizuho dropped their price objective on shares of Canadian Solar from $17.00 to $15.00 and set an “outperform” rating on the stock in a research note on Friday, August 22nd. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $12.58.

Canadian Solar Price Performance

The firm has a 50-day moving average of $15.91 and a 200-day moving average of $12.82. The firm has a market capitalization of $2.09 billion, a P/E ratio of -52.06 and a beta of 1.35. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.87 and a current ratio of 1.09.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 21st. The solar energy provider reported ($0.53) earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($1.29). Canadian Solar had a negative net margin of 0.12% and a negative return on equity of 4.97%. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the business posted $0.02 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Trading of Canadian Solar

Large investors have recently added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar during the second quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Canadian Solar during the first quarter worth approximately $39,000. Summit Securities Group LLC increased its stake in shares of Canadian Solar by 598.5% in the 1st quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider’s stock valued at $61,000 after acquiring an additional 6,015 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after acquiring an additional 2,254 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Canadian Solar by 141.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock worth $100,000 after purchasing an additional 5,338 shares during the period. 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.