Canadian Solar (NASDAQ:CSIQ) Shares Gap Down - Should You Sell?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) gapped down prior to trading 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 Ratings Changes

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

Canadian Solar Stock Performance

The stock has a market capitalization of $718.59 million, a price-to-earnings ratio of -21.46 and a beta of 1.38. The stock's 50 day moving average is $9.66 and its 200 day moving average is $10.31. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.84.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.11 billion. During the same period last year, the company earned $0.19 EPS. The firm's revenue for the quarter was down 10.0% compared to the same quarter last year. On average, analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds have recently modified their holdings of CSIQ. 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 boosted its position in shares of Canadian Solar by 184.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after acquiring an additional 3,347 shares during the last quarter. Summit Securities Group LLC boosted its position in shares of Canadian Solar by 598.5% in the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock worth $61,000 after acquiring an additional 6,015 shares during the last quarter. Sciencast Management LP acquired a new stake in shares of Canadian Solar in the fourth quarter worth approximately $113,000. Finally, Templeton & Phillips Capital Management LLC boosted its position in shares of Canadian Solar by 14.6% in the first quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock worth $125,000 after acquiring an additional 1,843 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

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.