Canadian Solar (NASDAQ:CSIQ) Stock Price Up 5.5% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price traded up 5.5% during trading on Tuesday . The stock traded as high as $10.49 and last traded at $10.25. Approximately 1,157,454 shares were traded during trading, a decline of 36% from the average session volume of 1,821,010 shares. The stock had previously closed at $9.71.

Analysts Set New Price Targets

CSIQ has been the topic of a number of research analyst reports. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Wells Fargo & Company lowered their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Finally, Mizuho initiated coverage on shares of Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Canadian Solar presently has an average rating of “Hold” and an average target price of $18.04.

Canadian Solar Trading Up 0.5 %

The company’s 50 day simple moving average is $10.39 and its 200-day simple moving average is $12.11. The firm has a market cap of $645.71 million, a P/E ratio of -81.33, a P/E/G ratio of 0.74 and a beta of 1.34. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Institutional Trading of Canadian Solar

Several large investors have recently bought and sold shares of CSIQ. Shah Capital Management grew its position in Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after buying an additional 1,556,964 shares during the period. IvyRock Asset Management HK Ltd acquired a new stake in shares of Canadian Solar in the fourth quarter worth approximately $15,440,000. Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in Canadian Solar during the 4th quarter worth $7,738,000. Mackenzie Financial Corp raised its holdings in Canadian Solar by 6.9% in the 4th quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock valued at $61,422,000 after acquiring an additional 357,900 shares during the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of Canadian Solar by 131.5% in the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after purchasing an additional 243,542 shares during the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.