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

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

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

Canadian Solar Stock Down 12.1 %

The company 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 business’s fifty day moving average price is $9.20 and its 200 day moving average price is $10.97. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. Canadian Solar’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.02) EPS. As a group, equities research analysts predict 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 made changes to their positions in the company. USCF Advisers LLC raised its stake in shares of Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after acquiring an additional 1,000 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Canadian Solar by 184.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after purchasing an additional 3,347 shares in the last quarter. Sciencast Management LP acquired a new position in Canadian Solar during the 4th quarter worth about $113,000. Miracle Mile Advisors LLC bought a new stake in Canadian Solar during the 4th quarter worth about $133,000. Finally, Hsbc Holdings PLC bought a new position in shares of Canadian Solar in the fourth quarter worth about $177,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.