Canadian Solar (NASDAQ:CSIQ) Trading Up 2.7% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) traded up 2.7% on Monday . The company traded as high as $25.25 and last traded at $24.8250. 805,793 shares were traded during mid-day trading, a decline of 67% from the average session volume of 2,477,646 shares. The stock had previously closed at $24.18.

Analysts Set New Price Targets

CSIQ has been the topic of several recent research reports. UBS Group lifted their target price on Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 19th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 22nd. Mizuho reissued an “underperform” rating and set a $21.00 target price (up previously from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Zacks Research upgraded shares of Canadian Solar from a “strong sell” rating to a “hold” rating in a report on Friday, September 19th. Finally, Roth Capital upped their price objective on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Stock Performance

The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86. The stock has a fifty day simple moving average of $23.60 and a two-hundred day simple moving average of $16.21. The firm has a market capitalization of $1.67 billion, a P/E ratio of -69.32 and a beta of 1.28.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.08) by $0.50. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.37 billion. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.31) EPS. On average, research analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its position in Canadian Solar by 38.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 251,204 shares of the solar energy provider’s stock valued at $2,173,000 after buying an additional 70,412 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Canadian Solar by 11.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 21,874 shares of the solar energy provider’s stock worth $189,000 after acquiring an additional 2,217 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock valued at $4,748,000 after acquiring an additional 92,002 shares during the period. Byrne Asset Management LLC bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $448,000. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Canadian Solar during the second quarter worth approximately $382,000. Institutional investors 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.