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

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s share price gapped down before the market opened on Tuesday . The stock had previously closed at $7.32, but opened at $7.17. Canadian Solar shares last traded at $7.64, with a volume of 410,137 shares changing hands.

Wall Street Analyst Weigh In

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

Canadian Solar Price Performance

The firm has a market cap of $737.67 million, a P/E ratio of -92.92, a P/E/G ratio of 0.74 and a beta of 1.33. 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 business's 50 day moving average is $9.20 and its two-hundred day moving average is $10.99.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released 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 return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same period in the prior year, the business earned ($0.02) EPS. The company's revenue for the quarter was down 1.8% on a year-over-year basis. As a group, analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

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