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

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $27.13, but opened at $26.22. Canadian Solar shares last traded at $25.1730, with a volume of 373,114 shares changing hands.

Analysts Set New Price Targets

CSIQ has been the subject of a number of research reports. UBS Group increased their price target on Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Wall Street Zen upgraded Canadian Solar from a “sell” rating to a “hold” rating in a research report on Friday, September 26th. Citigroup reissued a “sell” rating and issued a $11.00 target price on shares of Canadian Solar in a report on Tuesday, October 21st. Daiwa Capital Markets raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Tuesday, December 2nd. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $19.64 price objective (up from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, Canadian Solar presently has an average rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Trading Down 10.3%

The company has a 50-day moving average price of $22.90 and a two-hundred day moving average price of $15.84. The stock has a market cap of $1.63 billion, a P/E ratio of -67.51 and a beta of 1.28. 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 posted its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, topping the consensus estimate of ($1.08) by $0.50. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the previous year, the firm earned ($0.31) earnings per share. Canadian Solar’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, research analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Tudor Investment Corp ET AL purchased a new position in shares of Canadian Solar during the third quarter valued at approximately $5,008,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of 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 worth $42,000 after buying an additional 2,463 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in shares of Canadian Solar by 144.2% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 19,766 shares of the solar energy provider’s stock worth $254,000 after acquiring an additional 11,672 shares during the last quarter. XTX Topco Ltd purchased a new position in Canadian Solar during the 3rd quarter valued at $1,307,000. Finally, Public Employees Retirement System of Ohio bought a new position in Canadian Solar in the 3rd quarter valued at $73,000. 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.