Canadian Solar (NASDAQ:CSIQ) Stock Price Up 9.5% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQGet Free Report)’s share price was up 9.5% during trading on Friday . The company traded as high as $14.50 and last traded at $14.81. Approximately 1,625,204 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 2,955,418 shares. The stock had previously closed at $13.53.

Key Headlines Impacting Canadian Solar

Here are the key news stories impacting Canadian Solar this week:

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. 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. Daiwa Securities Group raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a report on Tuesday, December 2nd. Mizuho upgraded shares of Canadian Solar from an “underperform” rating to a “neutral” rating and dropped their target price for the company from $21.00 to $19.00 in a research report on Tuesday. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $19.56.

Read Our Latest Stock Analysis on CSIQ

Canadian Solar Price Performance

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 stock has a market capitalization of $938.92 million, a PE ratio of -39.00 and a beta of 1.31. The firm’s 50-day moving average price is $19.55 and its 200-day moving average price is $19.57.

Canadian Solar (NASDAQ:CSIQGet Free Report) last announced its quarterly earnings results on Thursday, March 19th. The solar energy provider reported ($1.66) earnings per share for the quarter, missing the consensus estimate of ($1.10) by ($0.56). The company had revenue of $1.22 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 20.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.48 earnings per share. On average, equities analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CSIQ. SG Americas Securities LLC raised its position in Canadian Solar by 646.2% during the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock valued at $3,081,000 after acquiring an additional 204,623 shares in the last quarter. Inceptionr LLC bought a new stake in Canadian Solar in the second quarter valued at about $152,000. Mackenzie Financial Corp lifted its stake in Canadian Solar by 7.4% in the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after acquiring an additional 405,800 shares during the last quarter. Legal & General Group Plc increased its position in Canadian Solar by 21.7% during the second quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock worth $20,039,000 after acquiring an additional 324,254 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of Canadian Solar during the 3rd quarter worth approximately $1,640,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile

(Get Free Report)

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.

See Also

Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.