Canadian Solar (CSIQ) Shares Gap Down to $19.28

Share on StockTwits

Canadian Solar Inc. (NASDAQ:CSIQ) gapped down before the market opened on Friday . The stock had previously closed at $17.02, but opened at $19.28. Canadian Solar shares last traded at $18.56, with a volume of 87882 shares changing hands.

Several equities research analysts recently issued reports on CSIQ shares. ValuEngine raised shares of Canadian Solar from a “hold” rating to a “buy” rating in a report on Saturday, February 23rd. Cascend Securities raised shares of Canadian Solar from a “hold” rating to a “buy” rating and lifted their price target for the company from $21.00 to $27.00 in a report on Wednesday, February 20th. BidaskClub lowered shares of Canadian Solar from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 27th. Goldman Sachs Group raised shares of Canadian Solar from a “neutral” rating to a “buy” rating and lifted their price target for the company from $14.00 to $19.00 in a report on Thursday, January 3rd. Finally, Standpoint Research lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $19.67.

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.83 and a current ratio of 0.92. The stock has a market capitalization of $1.37 billion, a P/E ratio of 18.03, a P/E/G ratio of 0.29 and a beta of 2.49.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, March 21st. The solar energy provider reported $1.61 EPS for the quarter, topping the consensus estimate of $0.87 by $0.74. Canadian Solar had a net margin of 4.73% and a return on equity of 15.89%. The business had revenue of $901.00 million for the quarter, compared to the consensus estimate of $872.02 million. During the same period last year, the company earned $1.01 EPS. The firm’s revenue was down 18.7% compared to the same quarter last year. Equities research analysts expect that Canadian Solar Inc. will post 3.33 EPS for the current year.

A number of large investors have recently bought and sold shares of the stock. Luminus Management LLC boosted its position in Canadian Solar by 396.7% during the 3rd quarter. Luminus Management LLC now owns 2,670,507 shares of the solar energy provider’s stock worth $38,722,000 after buying an additional 2,132,807 shares during the period. Morgan Stanley lifted its position in shares of Canadian Solar by 8.8% in the 3rd quarter. Morgan Stanley now owns 1,494,629 shares of the solar energy provider’s stock worth $21,673,000 after purchasing an additional 120,938 shares during the period. Norges Bank acquired a new position in shares of Canadian Solar in the 4th quarter worth approximately $17,966,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Canadian Solar by 66.2% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,142,532 shares of the solar energy provider’s stock worth $16,384,000 after purchasing an additional 455,267 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Canadian Solar by 3,305.5% in the 4th quarter. Millennium Management LLC now owns 963,017 shares of the solar energy provider’s stock worth $13,810,000 after purchasing an additional 934,739 shares during the period. Institutional investors and hedge funds own 37.62% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by Week Herald and is the property of of Week Herald. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of US and international trademark and copyright legislation. The correct version of this piece of content can be read at https://weekherald.com/2019/03/22/canadian-solar-csiq-shares-gap-down-to-19-28.html.

Canadian Solar Company Profile (NASDAQ:CSIQ)

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

Further Reading: How to interpret a stock’s beta number

Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.