Canadian Solar (NASDAQ:CSIQ) Trading Up 6.5%

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) were up 6.5% during mid-day trading on Wednesday . The stock traded as high as $15.50 and last traded at $15.49. Approximately 332,242 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,552,483 shares. The stock had previously closed at $14.54.

Analyst Ratings Changes

CSIQ has been the subject of several recent research reports. StockNews.com upgraded Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. Citigroup dropped their price target on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 19th. Roth Mkm restated a “buy” rating and issued a $25.00 price target on shares of Canadian Solar in a research note on Wednesday, May 22nd. Finally, Daiwa Capital Markets initiated coverage on Canadian Solar in a research report on Monday, March 11th. They set a “neutral” rating and a $21.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Canadian Solar has an average rating of “Hold” and a consensus target price of $28.89.

Canadian Solar Stock Up 8.1 %

The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 5.30, a price-to-earnings-growth ratio of 0.28 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The business’s 50-day moving average is $16.89 and its two-hundred day moving average is $19.64.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the business earned $1.19 earnings per share. The business’s revenue was down 21.1% compared to the same quarter last year. Equities analysts anticipate that Canadian Solar Inc. will post 2.07 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CSIQ. Mackenzie Financial Corp raised its stake in Canadian Solar by 27.1% during the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after purchasing an additional 843,100 shares during the period. Vanguard Group Inc. lifted its holdings in Canadian Solar by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock valued at $48,343,000 after acquiring an additional 8,317 shares during the last quarter. Creative Planning grew its position in Canadian Solar by 103.3% in the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after acquiring an additional 205,671 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Canadian Solar by 8.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock worth $326,000 after acquiring an additional 928 shares during the last quarter. Finally, Cerity Partners LLC purchased a new stake in Canadian Solar in the fourth quarter valued at $2,540,000. 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.