Canadian Solar (NASDAQ:CSIQ) Shares Climb 6% – Time to Buy?

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded up 6% during trading on Tuesday. The company traded as high as $10.83 and last traded at $11.0450. 504,212 shares were traded during trading, a decline of 81% from the average daily volume of 2,641,416 shares. The stock had previously closed at $10.42.

Wall Street Analyst Weigh In

Several research firms have commented on CSIQ. Wells Fargo & Company cut their price target on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday, August 31st. Weiss Ratings cut Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, August 27th. Glj Research reiterated a “sell” rating and issued a $5.58 target price on shares of Canadian Solar in a research note on Thursday, August 27th. Mizuho decreased their price target on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, August 28th. Finally, Citigroup dropped their target price on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, August 27th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, Canadian Solar presently has a consensus rating of “Reduce” and an average price target of $17.75.

Canadian Solar Trading Down 0.3%

The firm has a market cap of $782.21 million, a price-to-earnings ratio of -3.00 and a beta of 1.51. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The business’s 50-day moving average price is $13.62 and its two-hundred day moving average price is $14.98.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the company earned ($0.53) EPS. The company’s revenue was down 28.7% compared to the same quarter last year. Equities analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Caisse de depot et placement du Quebec acquired a new position in shares of Canadian Solar in the 2nd quarter worth approximately $2,262,141,000. Wellington Management Group LLP acquired a new position in Canadian Solar during the 2nd quarter valued at about $1,018,259,000. Deutsche Bank AG acquired a new position in shares of Canadian Solar during the second quarter worth approximately $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Canadian Solar in the 2nd quarter worth approximately $676,361,000. Finally, The Manufacturers Life Insurance Company bought a new position in Canadian Solar in the 2nd quarter worth approximately $631,683,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc (NASDAQ:CSIQ) is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.