Canadian Solar (NASDAQ:CSIQ) Stock Price Up 6.5% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) shares shot up 6.5% during mid-day trading on Monday . The company traded as high as $8.30 and last traded at $8.07. 861,193 shares traded hands during trading, a decline of 54% from the average session volume of 1,871,360 shares. The stock had previously closed at $7.58.

Analyst Ratings Changes

A number of analysts recently weighed in on CSIQ shares. Citigroup decreased their price target on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating for the company in a research report on Wednesday, March 26th. The Goldman Sachs Group lowered their target price on Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research note on Wednesday, March 26th. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Wells Fargo & Company lowered their price objective 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. Finally, Mizuho assumed coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. Five research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.84.

Canadian Solar Stock Up 21.0 %

The stock has a market capitalization of $541.18 million, a price-to-earnings ratio of -68.17, a PEG ratio of 0.74 and a beta of 1.33. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The firm’s fifty day moving average is $9.74 and its 200-day moving average is $11.63.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.26). The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.02) EPS. On average, sell-side analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Several large investors have recently made changes to their positions in CSIQ. Charles Schwab Investment Management Inc. increased its stake in Canadian Solar by 59.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider’s stock valued at $2,010,000 after buying an additional 67,331 shares during the period. Shah Capital Management boosted its holdings 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 worth $19,410,000 after buying an additional 1,556,964 shares in the last quarter. Barclays PLC increased its stake in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after purchasing an additional 95,924 shares in the last quarter. Waterfront Wealth Inc. lifted its position in shares of Canadian Solar by 16.9% in the 4th quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock valued at $2,059,000 after acquiring an additional 26,778 shares in the last quarter. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in shares of Canadian Solar in the fourth quarter worth $7,738,000. Institutional investors and hedge funds 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.