Investors Purchase Large Volume of Put Options on Canadian Solar (CSIQ)
Canadian Solar Inc. (NASDAQ:CSIQ) was the target of unusually large options trading on Wednesday. Stock investors purchased 8,714 put options on the company. This represents an increase of approximately 989% compared to the typical volume of 800 put options.
CSIQ has been the subject of a number of research reports. Zacks Investment Research upgraded Canadian Solar from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a report on Monday, November 13th. Roth Capital upgraded Canadian Solar from a “neutral” rating to a “buy” rating and set a $24.00 target price for the company in a report on Friday, November 10th. Axiom Securities set a $26.00 target price on Canadian Solar and gave the stock a “buy” rating in a report on Wednesday, November 15th. Cowen set a $18.00 target price on Canadian Solar and gave the stock a “hold” rating in a report on Monday, December 11th. Finally, B. Riley set a $15.00 price target on Canadian Solar and gave the stock a “hold” rating in a research report on Monday, December 11th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $18.82.
A number of institutional investors have recently added to or reduced their stakes in CSIQ. Schwab Charles Investment Management Inc. lifted its position in Canadian Solar by 83.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 49,323 shares of the solar energy provider’s stock worth $786,000 after acquiring an additional 22,399 shares in the last quarter. First Trust Advisors LP lifted its position in Canadian Solar by 16.6% during the 2nd quarter. First Trust Advisors LP now owns 60,070 shares of the solar energy provider’s stock worth $956,000 after acquiring an additional 8,567 shares in the last quarter. Legal & General Group Plc lifted its position in Canadian Solar by 111.1% during the 2nd quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock worth $124,000 after acquiring an additional 4,100 shares in the last quarter. Quantitative Investment Management LLC acquired a new position in Canadian Solar during the 2nd quarter worth approximately $2,803,000. Finally, Van ECK Associates Corp lifted its position in Canadian Solar by 2.7% during the 2nd quarter. Van ECK Associates Corp now owns 84,436 shares of the solar energy provider’s stock worth $1,344,000 after acquiring an additional 2,217 shares in the last quarter. 42.08% of the stock is currently owned by hedge funds and other institutional investors.
Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, November 9th. The solar energy provider reported $0.22 EPS for the quarter, hitting the consensus estimate of $0.22. The firm had revenue of $912.20 million for the quarter, compared to analyst estimates of $812.37 million. Canadian Solar had a return on equity of 1.32% and a net margin of 0.84%. Canadian Solar’s revenue for the quarter was up 38.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.27 EPS. analysts predict that Canadian Solar will post 0.97 earnings per share for the current fiscal year.
About Canadian Solar
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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