Canadian Solar (NASDAQ:CSIQ) Shares Gap Up – Still a Buy?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) gapped up prior to trading on Monday . The stock had previously closed at $27.15, but opened at $29.94. Canadian Solar shares last traded at $28.9110, with a volume of 3,136,104 shares.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CSIQ shares. Roth Capital raised their price objective on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, November 17th. Jefferies Financial Group reissued a “hold” rating and issued a $19.64 price target (up from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd. UBS Group raised their price objective on Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Citigroup reiterated a “sell” rating and issued a $11.00 price objective on shares of Canadian Solar in a report on Tuesday, October 21st. Finally, Wall Street Zen upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $19.85.

Canadian Solar Trading Down 6.2%

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The firm has a market capitalization of $1.73 billion, a PE ratio of -71.80 and a beta of 1.29. The stock’s 50-day simple moving average is $20.15 and its 200-day simple moving average is $14.50.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.08) by $0.50. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. Canadian Solar’s quarterly revenue was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.31) earnings per share. As a group, sell-side analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Canadian Solar by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares during the period. Clear Harbor Asset Management LLC boosted its holdings in Canadian Solar by 4.7% in the third quarter. Clear Harbor Asset Management LLC now owns 18,075 shares of the solar energy provider’s stock worth $236,000 after acquiring an additional 805 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Canadian Solar by 11.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 21,874 shares of the solar energy provider’s stock worth $189,000 after acquiring an additional 2,217 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after acquiring an additional 2,254 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after purchasing an additional 2,463 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

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.