Canadian Solar (NASDAQ:CSIQ) Shares Gap Up - What's Next?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'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 trading hands.

Analyst Ratings Changes

Several brokerages recently issued reports on CSIQ. Citigroup lowered shares of Canadian Solar from a "neutral" rating to a "sell" rating and reduced their price objective for the company from $19.00 to $11.00 in a report on Tuesday. StockNews.com downgraded shares of Canadian Solar from a "hold" rating to a "sell" rating in a research report on Wednesday, July 31st. Roth Mkm cut their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, August 26th. Oppenheimer cut their target price on Canadian Solar from $43.00 to $27.00 and set an "outperform" rating on the stock in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 16th. Four research 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $22.03.

Canadian Solar Stock Performance

The company has a market capitalization of $791.26 million, a PE ratio of 4.16, a PEG ratio of 4.92 and a beta of 1.31. 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 stock's fifty day simple moving average is $13.89 and its 200-day simple moving average is $15.47.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate 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 was down 30.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.39 EPS. On average, research analysts predict that Canadian Solar Inc. will post 0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of large investors have recently bought and sold shares of CSIQ. Quarry LP purchased a new stake in shares of Canadian Solar in the second quarter valued at $31,000. Daiwa Securities Group Inc. boosted its position in Canadian Solar by 72.1% during the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider's stock worth $146,000 after acquiring an additional 3,100 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Canadian Solar in the 3rd quarter worth approximately $219,000. Northwestern Mutual Wealth Management Co. raised its holdings in Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider's stock valued at $232,000 after acquiring an additional 4,739 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Canadian Solar by 27.6% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider's stock worth $257,000 after purchasing an additional 3,768 shares during the period. 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.