Canadian Solar (NASDAQ:CSIQ) Trading 6.4% Higher

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded up 6.4% on Monday . The company traded as high as $16.13 and last traded at $16.12. 531,680 shares were traded during mid-day trading, a decline of 63% from the average session volume of 1,420,722 shares. The stock had previously closed at $15.15.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Citigroup reduced their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Wells Fargo & Company cut their price target on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 19th. Daiwa Capital Markets assumed coverage on shares of Canadian Solar in a research note on Monday, March 11th. They set a “neutral” rating and a $21.00 price target on the stock. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group cut their price target on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Canadian Solar has an average rating of “Hold” and a consensus price target of $31.78.

Canadian Solar Trading Up 7.7 %

The company has a debt-to-equity ratio of 0.45, a current ratio of 1.04 and a quick ratio of 0.84. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 4.22, a price-to-earnings-growth ratio of 0.24 and a beta of 1.26. The business’s 50 day simple moving average is $18.71 and its 200 day simple moving average is $21.07.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.11. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.69 billion. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The business’s quarterly revenue was down 13.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 earnings per share. Research analysts anticipate that Canadian Solar Inc. will post 2.58 EPS for the current year.

Institutional Trading of Canadian Solar

A number of institutional investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp boosted its holdings in Canadian Solar by 27.1% during the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after buying an additional 843,100 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in shares of Canadian Solar by 137.9% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider’s stock valued at $92,569,000 after purchasing an additional 2,180,240 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Canadian Solar by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock valued at $48,343,000 after purchasing an additional 8,317 shares in the last quarter. Schroder Investment Management Group lifted its holdings in shares of Canadian Solar by 15.7% in the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after purchasing an additional 213,959 shares in the last quarter. Finally, Guinness Asset Management LTD lifted its holdings in shares of Canadian Solar by 5.7% in the third quarter. Guinness Asset Management LTD now owns 1,115,502 shares of the solar energy provider’s stock valued at $27,454,000 after purchasing an additional 60,392 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.