Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $47.01, but opened at $45.09. Canadian Solar shares last traded at $44.29, with a volume of 21,678 shares.
Analyst Ratings Changes
CSIQ has been the topic of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Canadian Solar from $42.00 to $48.00 in a research report on Friday, August 19th. The Goldman Sachs Group lowered shares of Canadian Solar from a "neutral" rating to a "sell" rating and dropped their price target for the company from $43.00 to $38.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $43.75.
Get Canadian Solar alerts:Canadian Solar Stock Down 1.7 %
The company has a debt-to-equity ratio of 0.48, a current ratio of 1.20 and a quick ratio of 0.86. The business's 50 day simple moving average is $37.92 and its 200 day simple moving average is $33.79. The company has a market capitalization of $2.58 billion, a PE ratio of 20.29 and a beta of 1.34.
Canadian Solar (NASDAQ:CSIQ – Get Rating) last announced its quarterly earnings data on Thursday, August 18th. The solar energy provider reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.37. Canadian Solar had a net margin of 2.29% and a return on equity of 5.81%. The firm had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.23 billion. During the same quarter in the previous year, the business posted $0.18 earnings per share. The business's quarterly revenue was up 61.8% compared to the same quarter last year. As a group, analysts anticipate that Canadian Solar Inc. will post 2.66 earnings per share for the current fiscal year.Hedge Funds Weigh In On Canadian Solar
A number of large investors have recently bought and sold shares of the company. Guinness Asset Management LTD raised its position in Canadian Solar by 0.7% during the 2nd quarter. Guinness Asset Management LTD now owns 823,460 shares of the solar energy provider's stock worth $25,643,000 after buying an additional 5,700 shares during the last quarter. Guinness Atkinson Asset Management Inc increased its holdings in shares of Canadian Solar by 6.0% in the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 32,006 shares of the solar energy provider's stock valued at $997,000 after purchasing an additional 1,798 shares in the last quarter. Clear Sky Advisers LLC increased its holdings in shares of Canadian Solar by 415.8% in the 2nd quarter. Clear Sky Advisers LLC now owns 49,000 shares of the solar energy provider's stock valued at $1,526,000 after purchasing an additional 39,500 shares in the last quarter. Occudo Quantitative Strategies LP purchased a new position in shares of Canadian Solar in the 2nd quarter valued at about $1,829,000. Finally, PDT Partners LLC increased its holdings in shares of Canadian Solar by 79.4% in the 2nd quarter. PDT Partners LLC now owns 144,273 shares of the solar energy provider's stock valued at $4,493,000 after purchasing an additional 63,844 shares in the last quarter. Hedge funds and other institutional investors own 50.21% of the company's stock.
Canadian Solar Company Profile
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Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.
Further Reading
- Get a free copy of the StockNews.com research report on Canadian Solar (CSIQ)
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