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

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $12.38, but opened at $12.86. Canadian Solar shares last traded at $12.95, with a volume of 365,188 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CSIQ. Mizuho began coverage on shares of Canadian Solar in a research report on Friday. They issued an “outperform” rating and a $20.00 price target on the stock. Wells Fargo & Company decreased their price target on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 5th. The Goldman Sachs Group dropped their price objective on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Finally, Oppenheimer dropped their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $19.04.

Canadian Solar Price Performance

The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The business’s 50 day simple moving average is $13.06 and its two-hundred day simple moving average is $14.58. The stock has a market capitalization of $834.28 million, a P/E ratio of -103.17, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company’s quarterly revenue was down 18.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 EPS. As a group, sell-side analysts forecast that Canadian Solar Inc. will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Several large investors have recently bought and sold shares of the stock. Quarry LP bought a new stake in Canadian Solar during the second quarter worth $31,000. Daiwa Securities Group Inc. increased its position in shares of Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Canadian Solar during the 3rd quarter worth $219,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after buying an additional 4,739 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its position in Canadian Solar by 27.6% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock valued at $257,000 after buying an additional 3,768 shares during the period. 52.36% of the stock is currently owned by institutional investors.

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.