NEW YORK (TheStreet) -- Shares of Canadian Solar (CSIQ) - Get Report were falling 19.97% to $19.76 on heavy trading volume Wednesday after the solar module maker issued a light guidance for the third quarter and shipped fewer solar modules than expected in the second quarter.
The solar module company said it expects to report revenue of $570 million to $620 million for the third quarter, below analysts' estimates of $669.32 million for the quarter.
Canadian Solar did report earnings of 31 cents a share for the second quarter, above analysts' estimates of 13 cents a share for the quarter. Revenue grew 2.1% year over year to $636.7 million for the quarter, beating analysts' estimates of $592.5 million.
Canadian Solar shipped 850 MW worth of solar modules in the second quarter, with 809 MW recognized in revenue, down from 1.03 GW recognized in revenue in the first quarter. The company expected to ship between 950 MW to 1 GW in the second quarter.
The company said it expects to ship between 970 MW to 1.02 GW in the third quarter, including about 70 MW to its own solar projects that will not be recognized in revenue.
Analyst firm Canaccord Genuity lowered its price target fro Canadian Solar following the company's earnings report, maintaining its "buy" rating. Roth Capital lowered its price target for the company to $40 from $46, also maintaining its "buy" rating.
About 5.5 million shares of Canadian Solar were traded by 10 a.m. Wednesday, above the company's average trading volume of about 2.3 million shares a day.
TheStreet Ratings team rates CANADIAN SOLAR INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CANADIAN SOLAR INC (CSIQ) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, attractive valuation levels, compelling growth in net income and impressive record of earnings per share growth. We feel its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
You can view the full analysis from the report here: CSIQ Ratings Report