Canadian Solar (NASDAQ:CSIQ) Shares Gap Down – Should You Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped down before the market opened on Monday . The stock had previously closed at $20.06, but opened at $19.24. Canadian Solar shares last traded at $20.32, with a volume of 966,650 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CSIQ shares. Oppenheimer dropped their target price on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, March 20th. Freedom Capital upgraded shares of Canadian Solar from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 24th. Roth Mkm dropped their target price on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Wells Fargo & Company dropped their target price on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $18.36.

Canadian Solar Stock Down 1.1%

The firm has a market cap of $1.35 billion, a P/E ratio of -7.94 and a beta of 1.44. The stock’s 50 day simple moving average is $15.07 and its 200 day simple moving average is $19.89. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.83 and a current ratio of 1.02.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter. The firm had revenue of $1.22 billion for the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%. Research analysts anticipate that Canadian Solar Inc. will post -1.44 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently bought and sold shares of CSIQ. Raymond James Financial Inc. purchased a new position in Canadian Solar during the 2nd quarter worth $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Canadian Solar during the 4th quarter worth $48,000. Quarry LP bought a new stake in shares of Canadian Solar during the 4th quarter worth $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Canadian Solar by 7.0% during the 3rd 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 period. 52.36% of the stock is owned by hedge funds and other institutional investors.

About Canadian Solar

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.