Canadian Solar (NASDAQ:CSIQ) Shares Gap Down – Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $16.33, but opened at $14.56. Canadian Solar shares last traded at $13.73, with a volume of 850,221 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently weighed in on CSIQ. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Glj Research upped their target price on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research report on Tuesday, July 30th. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Roth Mkm lowered their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, The Goldman Sachs Group cut their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Four analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $22.03.

Canadian Solar Stock Down 19.9 %

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 business has a 50-day simple moving average of $13.95 and a 200-day simple moving average of $15.35. The stock has a market cap of $865.37 million, a P/E ratio of 27.00, a PEG ratio of 4.94 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the firm earned $2.39 EPS. Canadian Solar’s quarterly revenue was down 30.8% compared to the same quarter last year. Analysts expect that Canadian Solar Inc. will post 0.12 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in CSIQ. KBC Group NV boosted its stake in Canadian Solar by 36.2% during the 3rd quarter. KBC Group NV now owns 142,402 shares of the solar energy provider’s stock valued at $2,387,000 after purchasing an additional 37,850 shares during the period. Summit Place Financial Advisors LLC lifted its holdings 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 worth $993,000 after buying an additional 22,200 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Canadian Solar in the third quarter valued at approximately $219,000. Green Alpha Advisors LLC boosted its position in shares of Canadian Solar by 8.8% in the third quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock valued at $677,000 after acquiring an additional 3,282 shares during the period. Finally, Handelsbanken Fonder AB grew its stake in shares of Canadian Solar by 69.8% in the third quarter. Handelsbanken Fonder AB now owns 19,700 shares of the solar energy provider’s stock worth $330,000 after acquiring an additional 8,100 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

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.