Canadian Solar Sees Unusually High Options Volume (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) saw some unusual options trading on Friday. Investors acquired 14,437 put options on the stock. This represents an increase of 65% compared to the typical volume of 8,740 put options.

Analyst Upgrades and Downgrades

CSIQ has been the subject of a number of recent analyst reports. Roth Capital upped their target price on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, November 17th. Citigroup reissued a “sell” rating and set a $11.00 price target on shares of Canadian Solar in a report on Tuesday, October 21st. Wells Fargo & Company reduced their price objective on Canadian Solar from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 3rd. Mizuho reaffirmed an “underperform” rating and issued a $21.00 price objective (up from $15.00) on shares of Canadian Solar in a research note on Wednesday, November 19th. Finally, UBS Group lifted their price objective on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Stock Performance

Canadian Solar stock traded up $1.26 during mid-day trading on Friday, hitting $24.99. The company had a trading volume of 1,488,091 shares, compared to its average volume of 2,449,241. The company has a current ratio of 1.07, a quick ratio of 0.86 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -69.43 and a beta of 1.29. The company’s fifty day moving average is $22.42 and its 200-day moving average is $15.56. Canadian Solar has a 12-month low of $6.57 and a 12-month high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.08) by $0.50. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate 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 was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.31) earnings per share. Equities research analysts predict that Canadian Solar will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in Canadian Solar during the 2nd quarter worth about $33,000. Caitong International Asset Management Co. Ltd increased its position in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after purchasing an additional 2,463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Canadian Solar by 7.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after buying an additional 312 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Canadian Solar in the third quarter valued at $73,000. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Canadian Solar by 38.6% during the 2nd 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. 52.36% of the stock is owned by hedge funds and other 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.