Canadian Solar (NASDAQ:CSIQ) Trading 6.4% Higher – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price traded up 6.4% during mid-day trading on Tuesday . The stock traded as high as $10.15 and last traded at $10.33. 132,719 shares changed hands during trading, a decline of 92% from the average session volume of 1,614,809 shares. The stock had previously closed at $9.71.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target for the company. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Wells Fargo & Company decreased their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Mizuho initiated coverage on Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Five research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.31.

Canadian Solar Stock Up 3.1 %

The stock has a fifty day moving average price of $11.56 and a 200-day moving average price of $13.05. The firm has a market cap of $681.05 million, a PE ratio of -85.78, a PEG ratio of 0.68 and a beta of 1.26. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

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

Institutional Investors Weigh In On Canadian Solar

Several hedge funds have recently modified their holdings of CSIQ. Charles Schwab Investment Management Inc. raised its stake in shares of Canadian Solar by 59.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider’s stock valued at $2,010,000 after purchasing an additional 67,331 shares during the period. Waterfront Wealth Inc. increased its stake in Canadian Solar by 16.9% during the 4th quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after buying an additional 26,778 shares during the period. Shah Capital Management lifted its holdings in Canadian Solar by 825.6% in the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after buying an additional 1,556,964 shares in the last quarter. SG Americas Securities LLC boosted its position in Canadian Solar by 24.5% in the 4th quarter. SG Americas Securities LLC now owns 85,545 shares of the solar energy provider’s stock valued at $951,000 after buying an additional 16,815 shares during the last quarter. Finally, USCF Advisers LLC increased its position in shares of Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after acquiring an additional 1,000 shares during the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Solar

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.