Canadian Solar (NASDAQ:CSIQ) Trading 11.6% Higher – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) traded up 11.6% during mid-day trading on Friday . The stock traded as high as $19.73 and last traded at $19.7380. 2,514,860 shares traded hands during trading, a decline of 12% from the average session volume of 2,857,392 shares. The stock had previously closed at $17.68.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wall Street Zen lowered shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a research report on Monday, April 20th. Roth Mkm reduced their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Oppenheimer reduced their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, March 20th. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Finally, Freedom Capital upgraded shares of Canadian Solar from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $18.36.

Canadian Solar Price Performance

The company’s 50 day moving average price is $15.07 and its 200-day moving average price is $19.89. The stock has a market cap of $1.34 billion, a P/E ratio of -7.87 and a beta of 1.44. 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 earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share 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. As a group, sell-side analysts expect that Canadian Solar Inc. will post -1.44 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently bought and sold shares of CSIQ. Polunin Capital Partners Ltd bought a new position in Canadian Solar during the fourth quarter worth $43,692,000. Two Sigma Investments LP bought a new position in Canadian Solar during the third quarter worth $11,544,000. JPMorgan Chase & Co. raised its stake in Canadian Solar by 206.6% during the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after buying an additional 385,355 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in Canadian Solar during the third quarter worth $5,008,000. Finally, Deutsche Bank AG bought a new position in Canadian Solar during the fourth quarter worth $9,003,000. Institutional investors own 52.36% of the company’s stock.

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.