Canadian Solar (NASDAQ:CSIQ) Trading 9.5% Higher – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded up 9.5% during trading on Friday . The company traded as high as $13.45 and last traded at $13.37. 737,017 shares were traded during trading, a decline of 54% from the average session volume of 1,616,904 shares. The stock had previously closed at $12.21.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Oppenheimer decreased their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $19.00 to $11.00 in a research note on Tuesday. JPMorgan Chase & Co. boosted their target price on shares of Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Tuesday, July 16th. Finally, Glj Research raised their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. Four analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and an average target price of $22.03.

Canadian Solar Price Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82. The company’s 50-day moving average price is $13.80 and its 200-day moving average price is $15.43. The company has a market cap of $906.38 million, a P/E ratio of 4.65, a P/E/G ratio of 4.92 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business’s quarterly revenue was down 30.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.39 earnings per share. As a group, sell-side analysts predict that Canadian Solar Inc. will post 0.12 earnings per share for the current fiscal year.

Institutional Trading of Canadian Solar

Several institutional investors and hedge funds have recently bought and sold shares of the business. Janney Montgomery Scott LLC boosted its stake in shares of Canadian Solar by 9.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after buying an additional 1,283 shares during the period. American Century Companies Inc. lifted its position in shares of Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares during the period. Quarry LP acquired a new stake in shares of Canadian Solar during the 2nd quarter worth $31,000. Summit Place Financial Advisors LLC increased its position in shares of Canadian Solar by 7.8% in the first quarter. Summit Place Financial Advisors LLC now owns 33,013 shares of the solar energy provider’s stock worth $652,000 after purchasing an additional 2,400 shares during the period. Finally, Daiwa Securities Group Inc. increased its position in shares of Canadian Solar by 72.1% in the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after purchasing an additional 3,100 shares during the period. 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.