Canadian Solar (NASDAQ:CSIQ) Trading 5.5% Higher – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price was up 5.5% on Tuesday . The company traded as high as $10.49 and last traded at $10.25. 1,157,454 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 1,821,010 shares. The stock had previously closed at $9.71.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Citigroup cut their price objective on Canadian Solar from $12.00 to $11.00 and set a “sell” rating on the stock in a report on Wednesday. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. The Goldman Sachs Group lowered their price objective on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a research report on Wednesday. Mizuho assumed coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Five analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $17.84.

Canadian Solar Price Performance

The company has a market capitalization of $634.46 million, a PE ratio of -79.92, a P/E/G ratio of 0.74 and a beta of 1.34. The stock has a 50 day moving average price of $10.33 and a two-hundred day moving average price of $12.08. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. Canadian Solar’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.02) EPS. Equities analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp boosted its stake in shares of Canadian Solar by 6.9% during the 4th quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock worth $61,422,000 after acquiring an additional 357,900 shares in the last quarter. Vanguard Group Inc. boosted its position in Canadian Solar by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider’s stock worth $22,544,000 after purchasing an additional 23,355 shares during the period. Shah Capital Management grew its holdings in Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after purchasing an additional 1,556,964 shares during the last quarter. IvyRock Asset Management HK Ltd bought a new position in shares of Canadian Solar in the fourth quarter valued at approximately $15,440,000. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in shares of Canadian Solar in the fourth quarter worth $7,738,000. 52.36% of the stock is currently owned by 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.