Canadian Solar (NASDAQ:CSIQ) Stock Price Up 7.7% – Here’s Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) were up 7.7% on Thursday . The company traded as high as $14.38 and last traded at $14.5550. Approximately 1,484,398 shares changed hands during trading, a decline of 48% from the average daily volume of 2,840,052 shares. The stock had previously closed at $13.51.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Oppenheimer reduced their price objective on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, March 20th. Roth Mkm cut their price target on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. Mizuho reduced their price target on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Wall Street Zen cut shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a research report on Monday. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $18.36.

Canadian Solar Price Performance

The company has a 50 day moving average price of $15.88 and a 200 day moving average price of $19.82. The company has a market capitalization of $995.65 million, a price-to-earnings ratio of -5.87 and a beta of 1.37. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share (EPS) for the quarter. The firm had revenue of $1.22 billion for the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. As a group, equities research analysts forecast that Canadian Solar Inc. will post -1.44 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC raised its stake in shares of Canadian Solar by 646.2% during the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock worth $3,081,000 after buying an additional 204,623 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Canadian Solar by 206.6% in the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock valued at $7,457,000 after acquiring an additional 385,355 shares during the last quarter. Polunin Capital Partners Ltd bought a new position in Canadian Solar in the fourth quarter valued at approximately $43,692,000. GF Fund Management CO. LTD. acquired a new stake in Canadian Solar during the 4th quarter worth $6,260,000. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Canadian Solar during the 3rd quarter valued at $5,008,000. Institutional investors own 52.36% of the company’s stock.

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.