Canadian Solar (NASDAQ:CSIQ) Shares Gap Up to $12.37

Canadian Solar Inc. (NASDAQ:CSIQ) gapped up prior to trading on Wednesday . The stock had previously closed at $12.37, but opened at $12.83. Canadian Solar shares last traded at $13.31, with a volume of 463,975 shares.

Analysts Set New Price Targets

Several analysts have issued reports on CSIQ shares. Roth Mkm lowered their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. The Goldman Sachs Group lowered their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. Oppenheimer cut their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 23rd. UBS Group decreased their price objective on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, June 12th. Finally, Glj Research lifted 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. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $23.33.

Canadian Solar Stock Up 10.4 %

The firm has a market cap of $903.73 million, a price-to-earnings ratio of 4.62, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. The stock has a 50-day moving average of $14.63 and a 200-day moving average of $16.59. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The company’s quarterly revenue was down 30.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.39 earnings per share. As a group, sell-side analysts forecast that Canadian Solar Inc. will post 0.15 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in shares of Canadian Solar during the second quarter valued at about $31,000. Daiwa Securities Group Inc. raised its position in shares of Canadian Solar by 72.1% during the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after buying an additional 3,100 shares in the last quarter. Private Advisor Group LLC acquired a new stake in shares of Canadian Solar in the 4th quarter worth approximately $201,000. Capstone Investment Advisors LLC bought a new position in shares of Canadian Solar in the fourth quarter valued at approximately $359,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after acquiring an additional 1,283 shares during the period. Institutional investors 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.