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

Canadian Solar Inc. (NASDAQ:CSIQ) gapped down prior to trading 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 changing hands.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CSIQ shares. The Goldman Sachs Group boosted their price objective on Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Wednesday, October 8th. Citigroup reaffirmed 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 upgraded shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target for the company in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. increased their price target on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, November 14th. Finally, Jefferies Financial Group restated 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 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. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $19.85.

Canadian Solar Stock Down 10.0%

The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of -55.14 and a beta of 1.26. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. The firm’s 50 day simple moving average is $25.01 and its 200-day simple moving average is $16.92.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, beating 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 business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the firm earned ($0.31) earnings per share. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently added to or reduced their stakes in CSIQ. Mackenzie Financial Corp raised its stake in shares of Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after buying an additional 405,800 shares in the last quarter. Invesco Ltd. grew its holdings in Canadian Solar by 19.3% during the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock worth $28,696,000 after acquiring an additional 356,625 shares during the period. Legal & General Group Plc raised its position in Canadian Solar by 13.0% in the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after acquiring an additional 236,115 shares in the last quarter. Two Sigma Investments LP purchased a new position in Canadian Solar in the third quarter worth $11,544,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Canadian Solar by 20.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after acquiring an additional 145,867 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.