Canadian Solar (NASDAQ:CSIQ) Shares Gap Up – Here’s Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) gapped up before the market opened on Friday . The stock had previously closed at $21.45, but opened at $23.10. Canadian Solar shares last traded at $22.83, with a volume of 1,400,491 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CSIQ. Daiwa Capital Markets raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target for the company in a report on Tuesday, December 2nd. Jefferies Financial Group restated a “hold” rating and set a $19.64 target price (up previously from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd. UBS Group increased their price target on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Citigroup restated a “sell” rating and set a $11.00 price objective on shares of Canadian Solar in a research report on Tuesday, October 21st. Finally, Roth Mkm increased their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $19.85.

Canadian Solar Stock Up 7.7%

The company has a market capitalization of $1.55 billion, a PE ratio of -64.25 and a beta of 1.26. 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 firm has a 50 day simple moving average of $23.94 and a two-hundred day simple moving average of $17.60.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.37 billion. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. Canadian Solar’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period last year, the firm posted ($0.31) EPS. Research analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of large investors have recently modified their holdings of CSIQ. Raymond James Financial Inc. purchased a new stake in shares of Canadian Solar in the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after purchasing an additional 2,463 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Canadian Solar during the 3rd quarter worth $73,000. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after purchasing an additional 2,254 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

About Canadian Solar

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.