Canadian Solar (NASDAQ:CSIQ) Shares Gap Down - Here's Why

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $11.15, but opened at $10.49. Canadian Solar shares last traded at $9.81, with a volume of 1,535,040 shares.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of several research analyst reports. The Goldman Sachs Group lowered their price target on shares of Canadian Solar from $11.00 to $9.00 and set a "sell" rating for the company in a report on Wednesday, March 26th. Wells Fargo & Company lowered their target price on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, January 8th. Citigroup raised Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price target on the stock in a research note on Thursday, April 17th. StockNews.com lowered shares of Canadian Solar from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Finally, Roth Capital downgraded shares of Canadian Solar from a "buy" rating to a "neutral" rating and set a $9.00 target price on the stock. in a research report on Friday, April 25th. Four analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $16.77.

Canadian Solar Stock Up 1.1 %

The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The stock's 50-day simple moving average is $9.04 and its 200 day simple moving average is $10.87. The firm has a market cap of $631.82 million, a P/E ratio of -79.58, a PEG ratio of 0.74 and a beta of 1.33.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing the consensus estimate of ($0.21) by ($1.26). Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter in the previous year, the company earned ($0.02) EPS. The firm's revenue for the quarter was down 1.8% on a year-over-year basis. As a group, research analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CSIQ. Charles Schwab Investment Management Inc. boosted its position in shares of Canadian Solar by 59.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider's stock worth $2,010,000 after purchasing an additional 67,331 shares in the last quarter. Shah Capital Management boosted its holdings in Canadian Solar by 825.6% in the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider's stock worth $19,410,000 after acquiring an additional 1,556,964 shares in the last quarter. Barclays PLC grew its stake in Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider's stock valued at $1,932,000 after acquiring an additional 95,924 shares during the period. Waterfront Wealth Inc. increased its holdings in shares of Canadian Solar by 16.9% during the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider's stock valued at $2,059,000 after acquiring an additional 26,778 shares in the last quarter. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new position in shares of Canadian Solar during the fourth quarter worth approximately $7,738,000. 52.36% of the stock is owned by institutional investors.

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.