Canadian Solar (NASDAQ:CSIQ) Shares Gap Down - Time to Sell?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $11.09, but opened at $10.38. Canadian Solar shares last traded at $10.49, with a volume of 258,115 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CSIQ shares. Wells Fargo & Company raised their price objective on Canadian Solar from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Friday, May 16th. Roth Capital set a $11.00 price target on shares of Canadian Solar and gave the company a "neutral" rating in a research report on Friday, May 16th. Mizuho cut their price objective on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a research report on Monday, June 2nd. The Goldman Sachs Group boosted their price objective on shares of Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a research note on Friday, May 16th. Finally, Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 target price for the company in a research note on Thursday, April 17th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Canadian Solar currently has a consensus rating of "Hold" and an average price target of $14.74.

Canadian Solar Stock Down 5.6%

The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.84. The firm's fifty day moving average is $9.77 and its 200 day moving average is $10.30.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.50) by $0.43. Canadian Solar had a negative net margin of 0.18% and a negative return on equity of 4.34%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter last year, the business earned $0.19 earnings per share. The company's revenue for the quarter was down 10.0% compared to the same quarter last year. Equities research analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Canadian Solar in the first quarter worth approximately $39,000. Wells Fargo & Company MN lifted its holdings in Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock valued at $57,000 after purchasing an additional 3,347 shares in the last quarter. Summit Securities Group LLC boosted its stake in Canadian Solar by 598.5% during the 1st quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock worth $61,000 after purchasing an additional 6,015 shares during the last quarter. Sciencast Management LP acquired a new stake in Canadian Solar during the 4th quarter worth $113,000. Finally, Templeton & Phillips Capital Management LLC grew its holdings in shares of Canadian Solar by 14.6% during the first quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock worth $125,000 after buying an additional 1,843 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company's stock.

Canadian Solar Company Profile

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.