Canadian Solar (NASDAQ:CSIQ) Shares Gap Up – Should You Buy?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $12.70, but opened at $13.29. Canadian Solar shares last traded at $12.57, with a volume of 611,308 shares.

Analyst Ratings Changes

Several research analysts have issued reports on CSIQ shares. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $19.00 to $11.00 in a research report on Tuesday. The Goldman Sachs Group dropped their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, August 26th. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. Finally, Roth Mkm dropped their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.03.

Canadian Solar Trading Up 2.1 %

The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53. The firm has a market cap of $807.80 million, a price-to-earnings ratio of 4.24, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31. The business has a 50 day moving average of $13.80 and a 200 day moving average of $15.43.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business’s revenue for the quarter was down 30.8% compared to the same quarter last year. During the same quarter last year, the company earned $2.39 earnings per share. On average, research analysts forecast that Canadian Solar Inc. will post 0.12 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

A number of large investors have recently made changes to their positions in the stock. Summit Place Financial Advisors LLC boosted its stake in shares of Canadian Solar by 60.0% during the third quarter. Summit Place Financial Advisors LLC now owns 59,223 shares of the solar energy provider’s stock valued at $993,000 after acquiring an additional 22,200 shares during the last quarter. Private Advisor Group LLC acquired a new stake in Canadian Solar in the 3rd quarter worth about $219,000. Green Alpha Advisors LLC boosted its stake in Canadian Solar by 8.8% in the 3rd quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock worth $677,000 after buying an additional 3,282 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in Canadian Solar by 69.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 19,700 shares of the solar energy provider’s stock worth $330,000 after buying an additional 8,100 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in Canadian Solar by 109.5% in the 3rd quarter. SG Americas Securities LLC now owns 68,730 shares of the solar energy provider’s stock worth $1,152,000 after buying an additional 35,921 shares during the last quarter. 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.