Canadian Solar (NASDAQ:CSIQ) Shares Gap Up – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $17.36, but opened at $18.03. Canadian Solar shares last traded at $18.1490, with a volume of 435,659 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have weighed in on CSIQ shares. Mizuho restated an “underperform” rating and set a $21.00 price objective (up from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Roth Mkm lifted their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. UBS Group upped their price target on shares of Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 19th. Daiwa Securities Group raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research note on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, November 14th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, Canadian Solar presently has an average rating of “Reduce” and a consensus target price of $19.85.

Canadian Solar Stock Up 1.9%

The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. The business has a fifty day simple moving average of $20.12 and a two-hundred day simple moving average of $19.33. The company has a market cap of $1.21 billion, a PE ratio of -50.08 and a beta of 1.31.

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the 2nd quarter valued at about $33,000. Caitong International Asset Management Co. Ltd lifted its stake in Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after purchasing an additional 2,463 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in shares of Canadian Solar during the 4th quarter worth approximately $48,000. Quarry LP purchased a new stake in shares of Canadian Solar in the fourth quarter valued at approximately $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Canadian Solar by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after purchasing an additional 312 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.