Canadian Solar (NASDAQ:CSIQ) Trading Up 5.7%

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price traded up 5.7% during mid-day trading on Wednesday . The stock traded as high as $16.79 and last traded at $16.74. 220,012 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,547,701 shares. The stock had previously closed at $15.83.

Analyst Upgrades and Downgrades

CSIQ has been the subject of several research reports. Wells Fargo & Company lowered their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, March 19th. The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Citigroup reduced their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Daiwa Capital Markets began coverage on Canadian Solar in a research report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price target for the company. Finally, Roth Mkm reaffirmed a “buy” rating and set a $25.00 price objective on shares of Canadian Solar in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $29.00.

Canadian Solar Stock Performance

The firm’s fifty day simple moving average is $17.10 and its 200 day simple moving average is $20.49. The company has a market capitalization of $1.17 billion, a PE ratio of 6.13, a price-to-earnings-growth ratio of 0.33 and a beta of 1.29. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 0.79.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, May 9th. The solar energy provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.20. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.35 billion. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. The company’s revenue was down 21.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.19 earnings per share. On average, research analysts predict that Canadian Solar Inc. will post 2.2 EPS for the current year.

Institutional Trading of Canadian Solar

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California Public Employees Retirement System raised its stake in shares of Canadian Solar by 1.7% during the 3rd quarter. California Public Employees Retirement System now owns 93,479 shares of the solar energy provider’s stock worth $2,301,000 after buying an additional 1,595 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Canadian Solar by 3.6% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,844 shares of the solar energy provider’s stock valued at $390,000 after purchasing an additional 556 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Canadian Solar in the third quarter valued at about $2,345,000. Quantbot Technologies LP increased its stake in shares of Canadian Solar by 145.8% during the third quarter. Quantbot Technologies LP now owns 70,543 shares of the solar energy provider’s stock worth $1,736,000 after purchasing an additional 41,839 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. raised its position in shares of Canadian Solar by 67.7% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 262,500 shares of the solar energy provider’s stock worth $6,460,000 after purchasing an additional 106,000 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.