Canadian Solar (NASDAQ:CSIQ) Shares Gap Down – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) gapped down before the market opened 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 trading hands.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CSIQ shares. Roth Mkm cut their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $14.00 to $11.00 in a research note on Tuesday. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Jefferies Financial Group started coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective for the company. Finally, Oppenheimer cut their target price on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. Four analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $18.58.

Canadian Solar Price Performance

The business has a fifty day moving average of $12.88 and a 200 day moving average of $14.42. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The stock has a market cap of $773.40 million, a PE ratio of -97.17, a P/E/G ratio of 8.89 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly 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 business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. Sell-side analysts anticipate that Canadian Solar Inc. will post 0.06 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently modified their holdings of the stock. Mackenzie Financial Corp increased its holdings in Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after buying an additional 1,037,800 shares during the last quarter. SIR Capital Management L.P. acquired a new stake in shares of Canadian Solar during the 2nd quarter valued at approximately $3,994,000. Foundry Partners LLC bought a new position in Canadian Solar during the second quarter worth $3,667,000. Cerity Partners LLC boosted its holdings in 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 purchasing an additional 243,542 shares during the period. Finally, Barclays PLC increased its stake in Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares during the last quarter. Institutional investors own 52.36% of the company’s stock.

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.