Canadian Solar (NASDAQ:CSIQ) Stock Price Up 8.1% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price shot up 8.1% during mid-day trading on Wednesday . The stock traded as high as $16.59 and last traded at $16.4170. 309,259 shares were traded during trading, a decline of 89% from the average daily volume of 2,918,028 shares. The stock had previously closed at $15.19.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CSIQ. Freedom Capital lowered Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Mizuho upped their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, June 15th. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Finally, Oppenheimer cut their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, March 20th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $18.66.

Canadian Solar Price Performance

The stock has a market cap of $1.06 billion, a PE ratio of -6.22 and a beta of 1.51. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The business has a fifty day simple moving average of $16.94 and a two-hundred day simple moving average of $17.64.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.35. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.07) earnings per share. Research analysts forecast that Canadian Solar Inc. will post -1.81 earnings per share for the current year.

Insider Transactions at Canadian Solar

In related news, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. Additional details regarding this sale are available in the official SEC disclosure. 21.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Canadian Solar

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in shares of Canadian Solar in the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares in the last quarter. Optiver Holding B.V. bought a new stake in Canadian Solar in the first quarter worth $44,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Canadian Solar in the fourth quarter worth $48,000. Finally, Quarry LP bought a new position in shares of Canadian Solar during the fourth quarter valued at $54,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.