Canadian Solar (NASDAQ:CSIQ) Shares Up 10.2% – Should You Buy?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price traded up 10.2% during trading on Monday . The company traded as high as $13.24 and last traded at $13.12. 1,427,567 shares changed hands during trading, a decline of 17% from the average session volume of 1,721,201 shares. The stock had previously closed at $11.91.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CSIQ shares. Roth Mkm reduced their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Oppenheimer decreased their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 23rd. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a report on Friday. They issued a “buy” rating and a $14.15 price target for the company. Glj Research increased their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a report on Tuesday, July 30th. Finally, StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $19.94.

Canadian Solar Stock Performance

The firm has a fifty day moving average of $13.74 and a 200 day moving average of $14.97. The stock has a market cap of $864.71 million, a price-to-earnings ratio of 25.75, a PEG ratio of 3.89 and a beta of 1.34. 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 announced its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.03. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the company posted $2.39 EPS. The company’s revenue was down 30.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Canadian Solar Inc. will post 0.12 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently made changes to their positions in CSIQ. Quarry LP acquired a new position in Canadian Solar during the second quarter worth $31,000. Daiwa Securities Group Inc. lifted its stake in Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after acquiring an additional 1,500 shares in the last quarter. Private Advisor Group LLC purchased a new position in Canadian Solar during the 3rd quarter valued at about $219,000. Northwestern Mutual Wealth Management Co. grew its position in Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after acquiring an additional 4,739 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in Canadian Solar by 27.6% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock worth $257,000 after purchasing an additional 3,768 shares during the period. Hedge funds and other 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.