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

Canadian Solar Inc. (NASDAQ:CSIQ) gapped down prior to trading on Tuesday . The stock had previously closed at $11.09, but opened at $10.38. Canadian Solar shares last traded at $10.49, with a volume of 258,115 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CSIQ. The Goldman Sachs Group lifted their price objective on shares of Canadian Solar from $8.00 to $9.00 and gave the stock a “sell” rating in a research note on Friday, May 16th. Wall Street Zen upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Friday, May 16th. Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 price objective for the company in a research report on Thursday, April 17th. Roth Capital set a $11.00 target price on Canadian Solar and gave the stock a “neutral” rating in a report on Friday, May 16th. Finally, Mizuho reduced their target price on Canadian Solar from $17.00 to $15.00 and set an “outperform” rating for the company in a report on Monday, June 2nd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and a consensus target price of $14.74.

Canadian Solar Stock Up 2.6%

The business has a fifty day moving average price of $9.71 and a two-hundred day moving average price of $10.31. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.84. The company has a market cap of $709.88 million, a price-to-earnings ratio of -21.20 and a beta of 1.38.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.50) by $0.43. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.11 billion. Canadian Solar had a negative net margin of 0.18% and a negative return on equity of 4.34%. The company’s revenue was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.19 EPS. On average, equities analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Trading of Canadian Solar

A number of institutional investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in Canadian Solar by 20.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after purchasing an additional 92,002 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Canadian Solar by 11.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 21,874 shares of the solar energy provider’s stock worth $189,000 after buying an additional 2,217 shares during the last quarter. Shah Capital Management raised its position in Canadian Solar by 9.2% during the first quarter. Shah Capital Management now owns 1,906,285 shares of the solar energy provider’s stock valued at $16,489,000 after acquiring an additional 160,739 shares in the last quarter. Greenwoods Asset Management Hong Kong Ltd. grew its position in Canadian Solar by 60.4% in the first quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,115,861 shares of the solar energy provider’s stock worth $9,652,000 after acquiring an additional 420,000 shares in the last quarter. Finally, Summit Securities Group LLC increased its stake in shares of Canadian Solar by 598.5% during the 1st quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider’s stock worth $61,000 after purchasing an additional 6,015 shares during the last quarter. Institutional investors and hedge funds 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.