Canadian Solar (NASDAQ:CSIQ) Stock Price Up 8.1% – Should You Buy?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) traded up 8.1% during mid-day trading on Wednesday . The company traded as high as $16.59 and last traded at $16.4170. 309,259 shares traded hands during trading, a decline of 89% from the average session volume of 2,918,028 shares. The stock had previously closed at $15.19.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CSIQ. Oppenheimer reduced their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, March 20th. Wells Fargo & Company dropped their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Roth Capital reduced their target price on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Finally, Wall Street Zen raised Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $18.66.

Canadian Solar Trading Down 6.9%

The stock has a market cap of $1.00 billion, a P/E ratio of -5.85 and a beta of 1.51. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The business’s 50 day simple moving average is $16.86 and its 200 day simple moving average is $17.51.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $950.43 million. During the same period in the previous year, the business earned ($1.07) earnings per share. The company’s quarterly revenue was down 9.9% on a year-over-year basis. On average, analysts expect that Canadian Solar Inc. will post -1.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Canadian Solar

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The SEC filing for this sale provides additional information. 21.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds have recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. bought a new position in Canadian Solar during the 4th quarter valued at about $48,000. Quarry LP bought a new stake in Canadian Solar during the fourth quarter worth about $54,000. Taikang Asset Management Hong Kong Co Ltd acquired a new stake in shares of Canadian Solar during the fourth quarter worth approximately $69,000. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar during the second quarter worth approximately $33,000. Finally, Optiver Holding B.V. bought a new position in shares of Canadian Solar in the first quarter valued at approximately $44,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.