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

Canadian Solar Inc. (NASDAQ:CSIQ) gapped down prior to trading on Thursday . The stock had previously closed at $22.02, but opened at $20.50. Canadian Solar shares last traded at $20.1730, with a volume of 2,889,418 shares trading hands.

Analyst Ratings Changes

A number of research firms have issued reports on CSIQ. UBS Group increased their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Jefferies Financial Group reaffirmed a “hold” rating and set a $19.64 price objective (up previously from $13.70) on shares of Canadian Solar in a research report on Monday, November 3rd. Wall Street Zen upgraded Canadian Solar from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Zacks Research upgraded Canadian Solar from a “strong sell” rating to a “hold” rating in a report on Friday, September 19th. Finally, Citigroup reiterated a “sell” rating and issued a $11.00 price objective on shares of Canadian Solar in a research note on Tuesday, October 21st. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar presently has an average rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Price Performance

The stock has a fifty day simple moving average of $25.01 and a 200-day simple moving average of $16.92. The company has a market capitalization of $1.33 billion, a PE ratio of -55.14 and a beta of 1.26. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.37 billion. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The business’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.31) EPS. Equities analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CSIQ. Raymond James Financial Inc. acquired a new stake in Canadian Solar during the 2nd quarter worth $33,000. Caitong International Asset Management Co. Ltd boosted its stake in Canadian Solar by 335.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after acquiring an additional 2,463 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Canadian Solar during the third quarter worth about $73,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Canadian Solar by 38.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after purchasing an additional 2,254 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.