Canadian Solar (NASDAQ:CSIQ) Trading 6.5% Higher

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price traded up 6.5% on Wednesday . The company traded as high as $15.50 and last traded at $15.49. 332,242 shares were traded during mid-day trading, a decline of 79% from the average session volume of 1,552,483 shares. The stock had previously closed at $14.54.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group reduced their price objective on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. Wells Fargo & Company reduced their price objective on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. The Goldman Sachs Group reduced their price objective on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Citigroup cut their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar has an average rating of “Hold” and an average price target of $28.89.

Canadian Solar Trading Up 8.1 %

The company has a market cap of $1.04 billion, a price-to-earnings ratio of 5.46, a PEG ratio of 0.30 and a beta of 1.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.02. The business’s 50 day moving average price is $16.93 and its 200-day moving average price is $19.59.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the prior year, the company posted $1.19 EPS. The business’s revenue was down 21.1% on a year-over-year basis. On average, research analysts forecast that Canadian Solar Inc. will post 2.07 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Large investors have recently made changes to their positions in the company. Mackenzie Financial Corp grew its holdings in shares of Canadian Solar by 27.1% in the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after purchasing an additional 843,100 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Canadian Solar by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock worth $48,343,000 after purchasing an additional 8,317 shares during the last quarter. Creative Planning grew its holdings in shares of Canadian Solar by 103.3% in the 3rd quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after purchasing an additional 205,671 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Canadian Solar by 8.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock worth $326,000 after purchasing an additional 928 shares during the last quarter. Finally, Cerity Partners LLC bought a new stake in shares of Canadian Solar in the 4th quarter worth about $2,540,000. 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.