Canadian Solar (NASDAQ:CSIQ) Shares Up 7.6% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price was up 7.6% during mid-day trading on Thursday . The company traded as high as $20.24 and last traded at $20.5060. Approximately 830,592 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 2,976,532 shares. The stock had previously closed at $19.05.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CSIQ shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. Mizuho cut their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Roth Mkm cut their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Wells Fargo & Company cut their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Finally, Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $18.36.

Canadian Solar Stock Performance

The company’s 50-day moving average price is $15.29 and its 200 day moving average price is $19.90. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The stock has a market capitalization of $1.40 billion, a PE ratio of -8.12 and a beta of 1.44.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.35. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. Canadian Solar’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period last year, the business earned ($1.07) EPS. On average, equities research analysts expect that Canadian Solar Inc. will post -1.16 earnings per share for the current fiscal year.

Insider Activity

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The disclosure for this sale is available in the SEC filing. 21.50% of the stock is owned by company insiders.

Institutional Trading of Canadian Solar

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

About Canadian Solar

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.