Canadian Solar (NASDAQ:CSIQ) Trading 10.7% Higher – Time to Buy?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price rose 10.7% during mid-day trading on Tuesday . The company traded as high as $22.03 and last traded at $22.4130. Approximately 2,406,961 shares traded hands during trading, a decline of 57% from the average daily volume of 5,642,865 shares. The stock had previously closed at $20.25.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CSIQ shares. Zacks Research raised Canadian Solar from a “strong sell” rating to a “hold” rating in a report on Friday, September 19th. Wall Street Zen raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Daiwa Capital Markets raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a report on Tuesday, December 2nd. Roth Capital upped their price objective on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. Finally, The Goldman Sachs Group lifted their target price on Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $19.85.

Canadian Solar Price Performance

The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The stock’s fifty day moving average price is $24.96 and its 200-day moving average price is $17.15. The firm has a market cap of $1.47 billion, a PE ratio of -60.88 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, topping the consensus estimate of ($1.08) by $0.50. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The company had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business posted ($0.31) earnings per share. The firm’s revenue for the quarter was down 1.3% compared to the same quarter last year. As a group, equities analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

A number of institutional investors have recently bought and sold shares of CSIQ. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the second quarter valued at $33,000. Caitong International Asset Management Co. Ltd grew its stake in Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after acquiring an additional 2,463 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after acquiring an additional 312 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Canadian Solar in the third quarter valued at approximately $73,000. Finally, CANADA LIFE ASSURANCE Co grew its position in shares of Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after purchasing an additional 2,254 shares during the last quarter. 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.