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

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped up before the market opened on Wednesday. The stock had previously closed at $10.10, but opened at $11.01. Canadian Solar shares last traded at $11.3550, with a volume of 1,806,432 shares.

Analyst Upgrades and Downgrades

CSIQ has been the subject of several recent research reports. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, August 31st. Wall Street Zen downgraded shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Weiss Ratings downgraded shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, August 27th. Mizuho cut their price objective on shares of Canadian Solar from $18.00 to $17.00 and set a “neutral” rating on the stock in a report on Friday, August 28th. Finally, Glj Research reissued a “sell” rating and issued a $5.58 price objective on shares of Canadian Solar in a research note on Thursday, August 27th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Canadian Solar currently has an average rating of “Reduce” and an average price target of $15.84.

Canadian Solar Stock Up 4.2%

The business’s fifty day moving average price is $11.24 and its two-hundred day moving average price is $15.21. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02. The firm has a market capitalization of $729.55 million, a P/E ratio of -2.78 and a beta of 1.50.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The company’s revenue was down 28.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.53) EPS. Equities analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

A number of institutional investors have recently made changes to their positions in the business. Caisse de depot et placement du Quebec purchased a new stake in Canadian Solar during the 2nd quarter valued at about $2,262,141,000. Wellington Management Group LLP acquired a new position in shares of Canadian Solar in the second quarter valued at about $1,018,259,000. Deutsche Bank AG acquired a new position in shares of Canadian Solar in the second quarter valued at about $722,850,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Canadian Solar in the second quarter worth about $676,361,000. Finally, BlackRock Inc. purchased a new position in shares of Canadian Solar in the second quarter worth about $85,219,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.