Canadian Solar (NASDAQ:CSIQ) Shares Up 6.4%

Canadian Solar Inc. (NASDAQ:CSIQ) shares shot up 6.4% during trading on Monday . The stock traded as high as $16.13 and last traded at $16.12. 531,680 shares changed hands during trading, a decline of 63% from the average session volume of 1,420,722 shares. The stock had previously closed at $15.15.

Analysts Set New Price Targets

Several brokerages have recently commented on CSIQ. StockNews.com upgraded Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Daiwa Capital Markets assumed coverage on Canadian Solar in a research note on Monday, March 11th. They issued a “neutral” rating and a $21.00 target price for the company. Citigroup reduced their target price on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. The Goldman Sachs Group reduced their target price on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Wells Fargo & Company reduced their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $31.78.

Canadian Solar Trading Down 1.4 %

The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 4.18, a PEG ratio of 0.26 and a beta of 1.26. The company has a fifty day moving average price of $18.58 and a 200-day moving average price of $21.03. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.11. The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The company’s revenue for the quarter was down 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.11 EPS. As a group, research analysts expect that Canadian Solar Inc. will post 2.58 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of CSIQ. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Canadian Solar in the 3rd quarter valued at about $93,000. Mackenzie Financial Corp increased its stake in shares of Canadian Solar by 23.4% in the 3rd quarter. Mackenzie Financial Corp now owns 3,108,915 shares of the solar energy provider’s stock valued at $69,795,000 after purchasing an additional 589,400 shares in the last quarter. Clear Harbor Asset Management LLC increased its stake in Canadian Solar by 21.5% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 11,870 shares of the solar energy provider’s stock worth $292,000 after buying an additional 2,100 shares in the last quarter. Assetmark Inc. increased its stake in Canadian Solar by 71.2% during the 3rd quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider’s stock worth $59,000 after buying an additional 993 shares in the last quarter. Finally, Adirondack Trust Co. increased its stake in Canadian Solar by 200.0% during the 3rd quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock worth $37,000 after buying an additional 1,000 shares in 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.