Canadian Solar (NASDAQ:CSIQ) Trading Up 10.7% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price traded up 10.7% during mid-day trading on Tuesday . The company traded as high as $22.03 and last traded at $22.4130. 2,406,961 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 5,642,865 shares. The stock had previously closed at $20.25.

Wall Street Analysts Forecast Growth

CSIQ has been the topic of a number of research analyst reports. Mizuho reissued an “underperform” rating and issued a $21.00 target price (up previously from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. JPMorgan Chase & Co. boosted their price objective on Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a report on Friday, November 14th. Citigroup reissued a “sell” rating and set a $11.00 target price on shares of Canadian Solar in a research note on Tuesday, October 21st. Jefferies Financial Group reaffirmed a “hold” rating and issued a $19.64 target price (up from $13.70) on shares of Canadian Solar in a research report on Monday, November 3rd. Finally, Roth Capital increased their price target on shares of Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $19.85.

Canadian Solar Price Performance

The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -60.88 and a beta of 1.26. The stock’s fifty day moving average price is $24.96 and its two-hundred day moving average price is $17.15. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93.

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

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd lifted its position in 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 acquiring an additional 2,463 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Canadian Solar by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after acquiring an additional 312 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Canadian Solar during the third quarter worth about $73,000. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Canadian Solar by 38.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after purchasing an additional 2,254 shares in the last quarter. Institutional investors and hedge funds 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.