Canadian Solar (NASDAQ:CSIQ) Trading 10.7% Higher – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) shot up 10.7% during mid-day trading on Tuesday . The stock traded as high as $22.03 and last traded at $22.4130. 2,406,961 shares were traded during trading, a decline of 57% from the average session volume of 5,642,865 shares. The stock had previously closed at $20.25.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Citigroup reiterated a “sell” rating and set a $11.00 target price on shares of Canadian Solar in a research report on Tuesday, October 21st. JPMorgan Chase & Co. increased their price objective on Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, November 14th. Daiwa Capital Markets upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Tuesday, December 2nd. The Goldman Sachs Group lifted their price objective on Canadian Solar from $9.00 to $10.00 and gave the stock a “sell” rating in a research report on Wednesday, October 8th. Finally, Mizuho restated an “underperform” rating and set a $21.00 target price (up from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $19.85.

Canadian Solar Stock Up 3.6%

The stock has a market cap of $1.45 billion, a price-to-earnings ratio of -60.03 and a beta of 1.26. The firm has a 50 day simple moving average of $24.78 and a two-hundred day simple moving average of $17.28. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the company posted ($0.31) EPS. Canadian Solar’s revenue for the quarter was down 1.3% on a year-over-year basis. As a group, sell-side analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar in the second quarter worth about $33,000. Caitong International Asset Management Co. Ltd increased its stake in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after purchasing an additional 2,463 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Canadian Solar by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after buying an additional 312 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Canadian Solar in the third quarter valued at approximately $73,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Canadian Solar by 38.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after acquiring an additional 2,254 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.