Canadian Solar (NASDAQ:CSIQ) Trading Up 5.3% – Still a Buy?

Canadian Solar Inc. (NASDAQ:CSIQ) rose 5.3% on Wednesday . The stock traded as high as $10.27 and last traded at $10.30. Approximately 96,492 shares traded hands during trading, a decline of 95% from the average daily volume of 1,807,838 shares. The stock had previously closed at $9.78.

Analysts Set New Price Targets

CSIQ has been the topic of several research analyst reports. Wells Fargo & Company lowered their price target on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the company from $14.00 to $11.00 in a report on Tuesday, December 17th. Jefferies Financial Group initiated coverage on Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Finally, Mizuho initiated coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Five research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.04.

Canadian Solar Price Performance

The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The firm has a market cap of $712.47 million, a PE ratio of -89.51, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The stock has a 50 day simple moving average of $10.58 and a 200-day simple moving average of $12.18.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently bought and sold shares of CSIQ. KBC Group NV increased its stake in Canadian Solar by 36.2% in the 3rd quarter. KBC Group NV now owns 142,402 shares of the solar energy provider’s stock worth $2,387,000 after buying an additional 37,850 shares in the last quarter. Prospera Financial Services Inc purchased a new stake in Canadian Solar in the 3rd quarter worth $333,000. Charles Schwab Investment Management Inc. increased its stake in Canadian Solar by 101.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after buying an additional 57,246 shares in the last quarter. Cerity Partners LLC increased its stake in Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after buying an additional 243,542 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in Canadian Solar by 20.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after buying an additional 1,500 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.