Canadian Solar (NASDAQ:CSIQ) Shares Gap Down to $14.56

Canadian Solar Inc. (NASDAQ:CSIQ) gapped down before the market opened on Thursday . The stock had previously closed at $14.56, but opened at $13.29. Canadian Solar shares last traded at $13.40, with a volume of 260,405 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. UBS Group lowered their price target on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, June 12th. Glj Research upped their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Finally, Roth Mkm restated a “buy” rating and issued a $25.00 price target on shares of Canadian Solar in a research note on Wednesday, May 22nd. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $27.03.

Canadian Solar Trading Down 11.5 %

The stock’s fifty day simple moving average is $15.53 and its 200 day simple moving average is $17.59. The firm has a market capitalization of $852.13 million, a PE ratio of 4.65, a PEG ratio of 0.30 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53.

Institutional Trading of Canadian Solar

Hedge funds have recently bought and sold shares of the stock. Quarry LP bought a new position in shares of Canadian Solar in the second quarter worth approximately $31,000. USCF Advisers LLC boosted its holdings in Canadian Solar by 87.5% in the 4th quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock worth $39,000 after buying an additional 700 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Canadian Solar by 72.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after buying an additional 3,100 shares during the period. Private Advisor Group LLC bought a new stake in Canadian Solar during the fourth quarter valued at about $201,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after acquiring an additional 4,739 shares during the period. 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.