Canadian Solar (NASDAQ:CSIQ) Trading 5.5% Higher

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price shot up 5.5% during mid-day trading on Wednesday . The company traded as high as $14.84 and last traded at $14.84. 555,291 shares traded hands during trading, a decline of 64% from the average session volume of 1,554,401 shares. The stock had previously closed at $14.06.

Wall Street Analyst Weigh In

CSIQ has been the topic of a number of recent analyst reports. Oppenheimer decreased their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 23rd. JPMorgan Chase & Co. lifted their price objective on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Roth Mkm dropped their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, Glj Research increased their price target on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.33.

Canadian Solar Stock Performance

The company has a market capitalization of $977.83 million, a price-to-earnings ratio of 5.15, a price-to-earnings-growth ratio of 3.61 and a beta of 1.29. The firm has a fifty day simple moving average of $14.49 and a 200 day simple moving average of $16.39. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the company earned $2.39 EPS. The firm’s revenue was down 30.8% compared to the same quarter last year. On average, analysts anticipate that Canadian Solar Inc. will post 0.15 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Several large investors have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its holdings in shares of Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after purchasing an additional 1,037,800 shares during the period. Schroder Investment Management Group raised its position in shares of Canadian Solar by 15.7% during the 4th quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after buying an additional 213,959 shares during the period. DNB Asset Management AS lifted its holdings in Canadian Solar by 31.4% in the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock valued at $13,083,000 after acquiring an additional 211,820 shares during the last quarter. Robotti Robert increased its stake in Canadian Solar by 92.5% during the first quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock worth $6,234,000 after acquiring an additional 151,610 shares during the last quarter. Finally, SIR Capital Management L.P. purchased a new stake in Canadian Solar in the second quarter valued at $3,994,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

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.