Canadian Solar (NASDAQ:CSIQ) Shares Gap Down – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ) shares gapped down before the market opened on Monday . The stock had previously closed at $11.15, but opened at $10.49. Canadian Solar shares last traded at $9.81, with a volume of 1,535,040 shares trading hands.

Analysts Set New Price Targets

Several analysts recently weighed in on CSIQ shares. Wells Fargo & Company cut their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. Roth Capital downgraded Canadian Solar from a “buy” rating to a “neutral” rating and set a $9.00 price objective for the company. in a research report on Friday. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Citigroup raised Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 price target for the company in a research note on Thursday, April 17th. Finally, The Goldman Sachs Group cut their price objective on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a research note on Wednesday, March 26th. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $16.77.

Canadian Solar Price Performance

The firm has a market capitalization of $648.36 million, a P/E ratio of -81.71, a P/E/G ratio of 0.74 and a beta of 1.33. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The business’s fifty day moving average is $9.20 and its 200 day moving average is $10.97.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.26). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the prior year, the business earned ($0.02) earnings per share. The business’s revenue was down 1.8% compared to the same quarter last year. As a group, analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Trading of Canadian Solar

Several large investors have recently added to or reduced their stakes in CSIQ. Shah Capital Management increased its holdings in shares of Canadian Solar by 825.6% in the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after purchasing an additional 1,556,964 shares during the period. IvyRock Asset Management HK Ltd acquired a new stake in shares of Canadian Solar during the 4th quarter valued at $15,440,000. Greenwoods Asset Management Hong Kong Ltd. acquired a new position in shares of Canadian Solar in the fourth quarter worth $7,738,000. Mackenzie Financial Corp boosted its position in Canadian Solar by 6.9% during the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock valued at $61,422,000 after purchasing an additional 357,900 shares during the last quarter. Finally, Robotti Robert grew its stake in Canadian Solar by 55.2% in the fourth quarter. Robotti Robert now owns 487,880 shares of the solar energy provider’s stock valued at $5,425,000 after purchasing an additional 173,499 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.