Canadian Solar Inc. (NASDAQ:CSIQ – Get Free Report) shares shot up 7.3% on Friday . The company traded as high as $16.97 and last traded at $16.9050. 485,377 shares were traded during trading, a decline of 84% from the average session volume of 2,977,488 shares. The stock had previously closed at $15.76.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on CSIQ. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Mizuho lowered 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. Oppenheimer lowered their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, March 20th. Roth Mkm lowered their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Finally, Wells Fargo & Company lowered their price target on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 8th. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $18.36.
Check Out Our Latest Report on Canadian Solar
Canadian Solar Stock Up 5.0%
Canadian Solar (NASDAQ:CSIQ – Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. During the same period in the prior year, the business posted ($1.07) EPS. The business’s revenue for the quarter was down 9.9% compared to the same quarter last year. Sell-side analysts anticipate that Canadian Solar Inc. will post -1.16 EPS for the current year.
Insider Activity at Canadian Solar
In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The disclosure for this sale is available in the SEC filing. Corporate insiders own 21.50% of the company’s stock.
Hedge Funds Weigh In On Canadian Solar
Several large investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its holdings in shares of Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock valued at $4,748,000 after purchasing an additional 92,002 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its holdings in Canadian Solar by 141.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock worth $100,000 after buying an additional 5,338 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Canadian Solar by 20.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock worth $9,539,000 after buying an additional 145,867 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar in the second quarter worth $33,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Canadian Solar in the second quarter worth $790,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.
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.
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