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

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) gapped down before the market opened on Thursday . The stock had previously closed at $22.02, but opened at $20.50. Canadian Solar shares last traded at $20.1730, with a volume of 2,889,418 shares traded.

Analysts Set New Price Targets

Several equities analysts have commented on CSIQ shares. Mizuho reaffirmed an “underperform” rating and issued a $21.00 price target (up previously from $15.00) on shares of Canadian Solar in a report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a report on Monday, December 29th. Roth Capital upped their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. Zacks Research raised Canadian Solar from a “strong sell” rating to a “hold” rating in a report on Friday, September 19th. Finally, Daiwa Capital Markets upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research report on Tuesday, December 2nd. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Trading Down 0.1%

The business has a 50 day simple moving average of $25.01 and a 200 day simple moving average of $17.00. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -53.83 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the business posted ($0.31) earnings per share. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. As a group, equities analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CSIQ. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd grew its holdings in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after acquiring an additional 312 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Canadian Solar during the 3rd quarter valued at $73,000. Finally, CANADA LIFE ASSURANCE Co lifted its stake in shares of Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after purchasing an additional 2,254 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.