Canadian Solar (NASDAQ:CSIQ) Shares Gap Down to $17.28 - Defense World

Canadian Solar (NASDAQ:CSIQ) Shares Gap Down to $17.28 - Defense World

Shares of Canadian Solar Inc. ( NASDAQ:CSIQ– Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $17.28, but opened at $16.28. Canadian Solar shares last traded at $15.75, with a volume of 210,617 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CSIQ. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Wells Fargo & Company dropped their target price on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 19th. UBS Group dropped their target price on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, June 12th. JPMorgan Chase & Co. boosted their target price on shares of Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday. Finally, Roth Mkm restated a “buy” rating and set a $25.00 target price on shares of Canadian Solar in a report on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $28.67.

Check Out Our Latest Stock Analysis on Canadian Solar

Canadian Solar Trading Up 9.3 %

Canadian Solar ( NASDAQ:CSIQ– Get Free Report) last announced its quarterly earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the business posted $1.19 EPS. Canadian Solar’s revenue was down 21.1% compared to the same quarter last year. Research analysts anticipate that Canadian Solar Inc. will post 2.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp raised its position in Canadian Solar by 27.1% in the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after buying an additional 843,100 shares during the last quarter. Vanguard Group Inc. raised its position in Canadian Solar by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock worth $48,343,000 after buying an additional 8,317 shares during the last quarter. Schroder Investment Management Group raised its position in Canadian Solar by 15.7% in the 4th quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock worth $41,330,000 after buying an additional 213,959 shares during the last quarter. DNB Asset Management AS raised its position in Canadian Solar by 31.4% in the 2nd quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock worth $13,083,000 after buying an additional 211,820 shares during the last quarter. Finally, Robotti Robert raised its position in Canadian Solar by 92.5% in the 1st quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock worth $6,234,000 after buying an additional 151,610 shares during the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

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.

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