Canadian Solar (NASDAQ:CSIQ) Trading Up 6.5% – Should You Buy?

Canadian Solar Inc. (NASDAQ:CSIQ) shares shot up 6.5% during trading on Monday . The stock traded as high as $8.30 and last traded at $8.07. 861,193 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 1,871,360 shares. The stock had previously closed at $7.58.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CSIQ shares. Citigroup dropped their price target on Canadian Solar from $12.00 to $11.00 and set a “sell” rating for the company in a report on Wednesday, March 26th. Wells Fargo & Company lowered their target price on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Mizuho assumed coverage on shares of Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, The Goldman Sachs Group decreased their price objective on Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a research report on Wednesday, March 26th. Five investment 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 data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $17.84.

Canadian Solar Trading Up 1.1 %

The business has a 50 day moving average of $9.97 and a 200 day moving average of $11.79. The firm has a market capitalization of $506.78 million, a price-to-earnings ratio of -63.83, a PEG ratio of 0.74 and a beta of 1.33. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. Canadian Solar’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. As a group, research analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds have recently bought and sold shares of the company. Mackenzie Financial Corp grew its holdings in shares of Canadian Solar by 6.9% in the 4th quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock valued at $61,422,000 after buying an additional 357,900 shares during the period. Shell Asset Management Co. grew its stake in Canadian Solar by 11.4% in the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock valued at $450,000 after acquiring an additional 4,134 shares during the period. Deutsche Bank AG acquired a new position in Canadian Solar in the fourth quarter valued at about $308,000. Bayesian Capital Management LP bought a new stake in shares of Canadian Solar in the fourth quarter worth about $331,000. Finally, BNP Paribas Financial Markets raised its position in shares of Canadian Solar by 32.0% during the fourth quarter. BNP Paribas Financial Markets now owns 323,238 shares of the solar energy provider’s stock worth $3,594,000 after purchasing an additional 78,306 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.