Canadian Solar (NASDAQ:CSIQ) Stock Price Up 10.1% – Here’s What Happened

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) were up 10.1% during mid-day trading on Friday. The company traded as high as $11.39 and last traded at $11.3480. Approximately 608,008 shares were traded during trading, a decline of 76% from the average daily volume of 2,544,590 shares. The stock had previously closed at $10.31.

Analyst Upgrades and Downgrades

CSIQ has been the subject of several research reports. Citigroup reduced their target price on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, August 27th. JPMorgan Chase & Co. dropped their price target on Canadian Solar from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Monday, October 19th. Roth Capital set a $15.00 price target on Canadian Solar in a report on Friday, August 28th. Wells Fargo & Company reduced their price objective on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a research note on Monday, August 31st. Finally, Mizuho decreased their price objective on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a report on Friday, August 28th. Three investment 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.com, the company has a consensus rating of “Reduce” and an average target price of $15.84.

Canadian Solar Stock Up 6.1%

The company has a market capitalization of $742.59 million, a PE ratio of -2.87 and a beta of 1.50. The stock’s fifty day moving average is $11.24 and its two-hundred day moving average is $15.21. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. The business’s quarterly revenue was down 28.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.53) EPS. As a group, analysts predict that Canadian Solar Inc. will post -2.93 EPS for the current year.

Institutional Trading of Canadian Solar

Several hedge funds and other institutional investors have recently modified their holdings of CSIQ. Mraz Amerine & Associates Inc. boosted its position in Canadian Solar by 53.6% during the 3rd quarter. Mraz Amerine & Associates Inc. now owns 18,073 shares of the solar energy provider’s stock valued at $208,000 after acquiring an additional 6,308 shares in the last quarter. Prescott Group Capital Management L.L.C. purchased a new position in Canadian Solar in the 3rd quarter worth approximately $230,000. Counterpoint Mutual Funds LLC purchased a new stake in Canadian Solar during the 3rd quarter valued at approximately $527,000. TD Waterhouse Canada Inc. raised its position in shares of Canadian Solar by 139.2% during the third quarter. TD Waterhouse Canada Inc. now owns 23,200 shares of the solar energy provider’s stock valued at $262,000 after buying an additional 13,500 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $166,000. Institutional investors own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc is a global solar energy company that designs, manufactures and delivers renewable energy products and solutions. Founded in 2001 by Dr. Shawn Qu, the company is headquartered in Guelph, Ontario, Canada, and serves customers in markets across North America, Latin America, Europe, Africa, the Middle East, Australia and Asia.

Through its CSI Solar business, Canadian Solar provides photovoltaic solar modules, inverters, battery energy storage systems and other components used in residential, commercial, industrial and utility-scale projects.