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

Canadian Solar Inc. (NASDAQ:CSIQ) gapped down before the market opened on Wednesday . The stock had previously closed at $16.33, but opened at $14.56. Canadian Solar shares last traded at $13.73, with a volume of 850,221 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CSIQ shares. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Glj Research raised their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research note on Tuesday, July 30th. Roth Mkm dropped their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. The Goldman Sachs Group decreased their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Finally, Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.03.

Canadian Solar Stock Down 19.9 %

The stock has a fifty day moving average of $13.95 and a 200-day moving average of $15.35. The firm has a market capitalization of $865.37 million, a price-to-earnings ratio of 27.00, a PEG ratio of 4.94 and a beta of 1.34. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter last year, the business posted $2.39 EPS. Canadian Solar’s revenue was down 30.8% on a year-over-year basis. As a group, sell-side analysts expect that Canadian Solar Inc. will post 0.12 EPS for the current year.

Institutional Trading of Canadian Solar

Large investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new position in shares of Canadian Solar during the second quarter valued at $31,000. Daiwa Securities Group Inc. grew its stake in Canadian Solar by 72.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after acquiring an additional 3,100 shares in the last quarter. Private Advisor Group LLC acquired a new position in shares of Canadian Solar in the 3rd quarter valued at about $219,000. Janney Montgomery Scott LLC increased its holdings in shares of Canadian Solar by 9.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after purchasing an additional 1,283 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Canadian Solar by 43.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after purchasing an additional 4,739 shares in the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile

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.