Canadian Solar (NASDAQ:CSIQ) Trading 5.6% Higher – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Mizuho assumed coverage on Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. Wells Fargo & Company lowered their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Five research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and an average target price of $18.31.

Canadian Solar Trading Up 6.0 %

The company has a fifty day simple moving average of $11.18 and a two-hundred day simple moving average of $12.66. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The company has a market cap of $755.08 million, a PE ratio of -95.33, a P/E/G ratio of 0.70 and a beta of 1.26.

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

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in CSIQ. USCF Advisers LLC increased its position in 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 buying an additional 1,000 shares during the period. Wells Fargo & Company MN increased its position in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after buying an additional 3,347 shares during the period. Sciencast Management LP acquired a new position in Canadian Solar during the fourth quarter worth approximately $113,000. Miracle Mile Advisors LLC acquired a new position in Canadian Solar during the fourth quarter worth approximately $133,000. Finally, Daiwa Securities Group Inc. increased its position in Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after buying an additional 1,500 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.