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

Canadian Solar Inc. (NASDAQ:CSIQ) was the target of unusually large options trading on Monday. Stock investors purchased 6,034 put options on the company. This is an increase of 42% compared to the typical daily volume of 4,253 put options.

Canadian Solar Stock Down 4.6%

Canadian Solar stock opened at $10.70 on Wednesday. The firm has a 50 day moving average price of $13.02 and a 200 day moving average price of $14.69. Canadian Solar has a fifty-two week low of $10.34 and a fifty-two week high of $34.59. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02. The company has a market capitalization of $726.26 million, a PE ratio of -2.78 and a beta of 1.53.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The firm had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The business’s revenue was down 28.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.53) earnings per share. Research analysts expect that Canadian Solar will post -2.93 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on CSIQ. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a research report on Monday, August 31st. Wall Street Zen lowered Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 29th. Glj Research reiterated a “sell” rating and issued a $5.58 target price on shares of Canadian Solar in a research report on Thursday, August 27th. Weiss Ratings lowered Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Finally, Roth Capital set a $15.00 price target on Canadian Solar in a research report on Friday, August 28th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and an average price target of $18.52.

Hedge Funds Weigh In On Canadian Solar

Large investors have recently bought and sold shares of the business. Mraz Amerine & Associates Inc. purchased a new stake in Canadian Solar during the second quarter worth approximately $188,000. Susquehanna Fundamental Investments LLC acquired a new position in Canadian Solar in the 2nd quarter valued at about $166,000. Hsbc Holdings PLC raised its stake in shares of Canadian Solar by 170.5% during the second quarter. Hsbc Holdings PLC now owns 325,847 shares of the solar energy provider’s stock worth $5,220,000 after purchasing an additional 205,397 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Canadian Solar in the 2nd quarter worth $1,018,259,000. Finally, Kingsview Wealth Management LLC acquired a new stake in Canadian Solar in the second quarter valued at about $357,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.