Canadian Solar (NASDAQ:CSIQ) Trading 5.6% Higher – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) traded up 5.6% during mid-day trading on Wednesday . The stock traded as high as $11.35 and last traded at $11.37. 316,112 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,485,468 shares. The stock had previously closed at $10.77.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Mizuho assumed coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price target on the stock. Jefferies Financial Group began coverage on shares of Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target on the stock. Wells Fargo & Company dropped their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Finally, StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Canadian Solar presently has an average rating of “Hold” and a consensus target price of $18.31.

Canadian Solar Stock Performance

The stock has a 50-day simple moving average of $11.12 and a 200-day simple moving average of $12.64. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The stock has a market cap of $746.28 million, a PE ratio of -94.00, a P/E/G ratio of 0.72 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the firm posted $0.32 earnings per share. The firm’s quarterly revenue was down 18.4% on a year-over-year basis. Equities analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Several institutional investors and hedge funds have recently bought and sold shares of CSIQ. Shah Capital Management grew its holdings in shares of Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after purchasing an additional 1,556,964 shares during the last quarter. IvyRock Asset Management HK Ltd bought a new position in shares of Canadian Solar during the fourth quarter valued at approximately $15,440,000. Greenwoods Asset Management Hong Kong Ltd. bought a new position in shares of Canadian Solar during the fourth quarter valued at approximately $7,738,000. Mackenzie Financial Corp grew its holdings in shares of Canadian Solar by 6.9% during the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock valued at $61,422,000 after purchasing an additional 357,900 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Canadian Solar by 131.5% during the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after purchasing an additional 243,542 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.