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

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price shot up 7.6% on Friday . The company traded as high as $16.45 and last traded at $16.4470. 1,481,625 shares were traded during mid-day trading, a decline of 48% from the average session volume of 2,859,582 shares. The stock had previously closed at $15.29.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CSIQ. Oppenheimer cut their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, March 20th. Roth Mkm cut their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock 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 on the stock in a research note on Wednesday, April 8th. Freedom Capital upgraded shares of Canadian Solar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 24th. Finally, Mizuho cut their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $18.36.

Canadian Solar Price Performance

The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -6.68 and a beta of 1.37. The stock’s 50 day moving average price is $15.29 and its two-hundred day moving average price is $19.78. The company has a quick ratio of 0.83, a current ratio of 1.02 and a debt-to-equity ratio of 0.97.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%.The firm had revenue of $1.22 billion for the quarter. Equities research analysts forecast that Canadian Solar Inc. will post -1.44 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in Canadian Solar during the second quarter worth $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after buying an additional 2,463 shares in the last quarter. China Universal Asset Management Co. Ltd. purchased a new stake in Canadian Solar during the fourth quarter worth $48,000. Quarry LP purchased a new stake in Canadian Solar during the fourth quarter worth $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after buying an additional 312 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other 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.