Canadian Solar (NASDAQ:CSIQ) Shares Up 10.1% – Here’s What Happened

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) were up 10.1% on Friday. The stock traded as high as $11.39 and last traded at $11.3480. 608,008 shares were traded during mid-day trading, a decline of 76% from the average session volume of 2,544,590 shares. The stock had previously closed at $10.31.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen lowered Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Roth Capital set a $15.00 target price on shares of Canadian Solar in a report on Friday, August 28th. Glj Research reissued a “sell” rating and set a $5.58 target price on shares of Canadian Solar in a research report on Thursday, August 27th. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, August 31st. Finally, Citigroup lowered their price target on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Canadian Solar has a consensus rating of “Reduce” and an average price target of $15.84.

Canadian Solar Trading Up 6.1%

The stock has a market capitalization of $742.59 million, a P/E ratio of -2.87 and a beta of 1.50. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95. The company has a 50-day moving average price of $11.24 and a 200 day moving average price of $15.21.

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

Hedge Funds Weigh In On Canadian Solar

Large investors have recently added to or reduced their stakes in the company. Caisse de depot et placement du Quebec bought a new stake in shares of Canadian Solar in the 2nd quarter valued at about $2,262,141,000. Wellington Management Group LLP purchased a new position in shares of Canadian Solar in the 2nd quarter worth approximately $1,018,259,000. Deutsche Bank AG bought a new position in shares of Canadian Solar during the 2nd quarter worth approximately $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Canadian Solar during the 2nd quarter worth approximately $676,361,000. Finally, BlackRock Inc. bought a new position in shares of Canadian Solar during the 2nd quarter worth approximately $85,219,000. 52.36% of the stock is currently owned by institutional investors.

About Canadian Solar

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.