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

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded up 6.5% during trading on Monday . The stock traded as high as $8.30 and last traded at $8.07. 861,193 shares changed 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

Several analysts have recently issued reports on CSIQ shares. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Mizuho assumed coverage on Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective for the company. The Goldman Sachs Group cut their target price on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a research note on Wednesday, March 26th. Finally, 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 note on Wednesday, March 26th. Five equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.84.

Canadian Solar Trading Up 21.0 %

The firm has a market cap of $541.18 million, a PE ratio of -68.17, a P/E/G ratio of 0.74 and a beta of 1.33. The company’s fifty day moving average price is $9.74 and its two-hundred day moving average price is $11.63. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

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

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of the company. USCF Advisers LLC raised its holdings in Canadian Solar by 66.7% in the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after acquiring an additional 1,000 shares during the last quarter. Wells Fargo & Company MN lifted its position in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after buying an additional 3,347 shares during the period. Shell Asset Management Co. boosted its stake in Canadian Solar by 11.4% in the 4th quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider’s stock worth $450,000 after buying an additional 4,134 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Canadian Solar by 6.7% in the 4th quarter. NewEdge Advisors LLC now owns 75,481 shares of the solar energy provider’s stock valued at $839,000 after buying an additional 4,717 shares during the period. Finally, Sanctuary Advisors LLC grew its holdings in Canadian Solar by 37.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider’s stock valued at $520,000 after buying an additional 8,404 shares during the period. 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.