Canadian Solar (NASDAQ:CSIQ) Stock Price Up 2.7% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price traded up 2.7% during trading on Monday . The company traded as high as $25.25 and last traded at $24.8250. 805,793 shares changed hands during trading, a decline of 67% from the average session volume of 2,477,646 shares. The stock had previously closed at $24.18.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CSIQ. JPMorgan Chase & Co. increased their target price on Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, November 14th. UBS Group upped their price objective on Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 19th. Daiwa Capital Markets raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Tuesday, December 2nd. Roth Capital boosted their target price on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. Finally, Zacks Research raised shares of Canadian Solar from a “strong sell” rating to a “hold” rating in a research note on Friday, September 19th. 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $19.85.

Canadian Solar Stock Performance

The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93. The stock’s fifty day moving average is $23.96 and its two-hundred day moving average is $16.39. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of -66.08 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The company’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.31) earnings per share. On average, analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank increased 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 worth $63,000 after acquiring an additional 312 shares during the last quarter. Clear Harbor Asset Management LLC boosted its position in Canadian Solar by 4.7% during the third quarter. Clear Harbor Asset Management LLC now owns 18,075 shares of the solar energy provider’s stock worth $236,000 after purchasing an additional 805 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Canadian Solar by 11.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 21,874 shares of the solar energy provider’s stock valued at $189,000 after purchasing an additional 2,217 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after purchasing an additional 2,254 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Canadian Solar by 335.1% in the third 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 during the period. 52.36% of the stock is currently owned by institutional investors.

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.