Canadian Solar Target of Unusually High Options Trading (CSIQ)
Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of some unusual options trading on Friday. Stock investors purchased 11,442 put options on the stock. This represents an increase of approximately 766% compared to the typical daily volume of 1,321 put options.
A number of analysts have weighed in on CSIQ shares. Zacks Investment Research cut Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 28th. Axiom Securities reissued a “buy” rating on shares of Canadian Solar in a report on Saturday, August 26th. Barclays PLC lowered Canadian Solar from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $12.00 to $14.00 in a report on Monday, August 21st. BidaskClub cut Canadian Solar from a “buy” rating to a “hold” rating in a research note on Saturday, August 19th. Finally, FBR & Co restated a “neutral” rating and set a $15.00 price target (up previously from $13.00) on shares of Canadian Solar in a research note on Tuesday, August 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Canadian Solar presently has a consensus rating of “Hold” and a consensus price target of $17.12.
Hedge funds have recently bought and sold shares of the stock. Quentec Asset Management LLC grew its position in Canadian Solar by 18.6% in the 2nd quarter. Quentec Asset Management LLC now owns 2,703,253 shares of the solar energy provider’s stock valued at $43,036,000 after buying an additional 424,601 shares in the last quarter. Calamos Advisors LLC acquired a new position in Canadian Solar during the 2nd quarter valued at about $4,474,000. Delta Lloyd Asset Management N.V. acquired a new position in Canadian Solar during the 2nd quarter valued at about $3,662,000. Quantitative Investment Management LLC bought a new stake in shares of Canadian Solar during the 2nd quarter worth about $2,803,000. Finally, Cipher Capital LP raised its position in shares of Canadian Solar by 214.7% during the 2nd quarter. Cipher Capital LP now owns 97,581 shares of the solar energy provider’s stock worth $1,553,000 after buying an additional 66,571 shares in the last quarter. 41.81% of the stock is owned by institutional investors and hedge funds.
Canadian Solar (NASDAQ CSIQ) opened at 16.84 on Monday. The firm has a market cap of $975.83 million, a price-to-earnings ratio of 39.91 and a beta of 3.15. Canadian Solar has a one year low of $10.25 and a one year high of $18.12. The company’s 50-day moving average price is $16.38 and its 200-day moving average price is $14.49.
Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Monday, August 14th. The solar energy provider reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. The company had revenue of $692.37 million during the quarter, compared to analysts’ expectations of $631.05 million. Canadian Solar had a return on equity of 1.71% and a net margin of 1.01%. The company’s revenue for the quarter was down 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 earnings per share. On average, analysts anticipate that Canadian Solar will post $1.62 EPS for the current year.
About Canadian Solar
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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