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

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped up prior to trading on Monday . The stock had previously closed at $20.76, but opened at $23.21. Canadian Solar shares last traded at $23.0770, with a volume of 4,583,513 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Canadian Solar from $8.00 to $9.00 and gave the company an “underweight” rating in a report on Thursday, October 16th. Citigroup restated a “sell” rating and issued a $11.00 price objective on shares of Canadian Solar in a report on Tuesday, October 21st. Wells Fargo & Company cut their price objective on Canadian Solar from $11.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, September 3rd. Zacks Research upgraded Canadian Solar from a “strong sell” rating to a “hold” rating in a report on Friday, September 19th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Canadian Solar in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Canadian Solar presently has an average rating of “Reduce” and an average target price of $12.58.

Canadian Solar Stock Performance

The firm has a market capitalization of $1.54 billion, a PE ratio of -38.49 and a beta of 1.28. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.09 and a quick ratio of 0.87. The firm has a fifty day moving average price of $13.24 and a 200 day moving average price of $11.81.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 21st. The solar energy provider reported ($0.53) EPS for the quarter, missing the consensus estimate of $0.76 by ($1.29). Canadian Solar had a negative net margin of 0.12% and a negative return on equity of 4.97%. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same period in the prior year, the company earned $0.02 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Research analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Hedge funds have recently bought and sold shares of the business. IvyRock Asset Management HK Ltd lifted its stake in Canadian Solar by 87.8% in the 1st quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider’s stock worth $22,557,000 after acquiring an additional 1,219,200 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Canadian Solar by 38.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 251,204 shares of the solar energy provider’s stock worth $2,173,000 after acquiring an additional 70,412 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new stake in Canadian Solar in the 2nd quarter worth about $382,000. Aberdeen Group plc lifted its stake in Canadian Solar by 109.2% in the 1st quarter. Aberdeen Group plc now owns 97,145 shares of the solar energy provider’s stock worth $840,000 after acquiring an additional 50,714 shares in the last quarter. Finally, Cerity Partners LLC lifted its stake in Canadian Solar by 52.2% in the 1st quarter. Cerity Partners LLC now owns 374,966 shares of the solar energy provider’s stock worth $3,243,000 after acquiring an additional 128,669 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.