Canadian Solar (NASDAQ:CSIQ) Stock Price Up 5.3% – Here’s Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) shot up 5.3% during mid-day trading on Wednesday . The company traded as high as $10.27 and last traded at $10.30. 96,492 shares were traded during trading, a decline of 95% from the average session volume of 1,807,838 shares. The stock had previously closed at $9.78.

Analysts Set New Price Targets

CSIQ has been the subject of several analyst reports. Wells Fargo & Company lowered their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Jefferies Financial Group began coverage on Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective on the stock. The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, Mizuho assumed coverage on shares of Canadian Solar in a research report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective for the company. Five analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and an average target price of $18.04.

Canadian Solar Stock Down 3.6 %

The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $671.51 million, a P/E ratio of -84.58, a P/E/G ratio of 0.74 and a beta of 1.34. The stock’s 50-day moving average price is $10.48 and its two-hundred day moving average price is $12.15.

Institutional Trading of Canadian Solar

Large investors have recently bought and sold shares of the company. USCF Advisers LLC grew its stake in shares of Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after acquiring an additional 1,000 shares during the period. Wells Fargo & Company MN lifted its holdings in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after purchasing an additional 3,347 shares during the last quarter. Sciencast Management LP bought a new position in Canadian Solar during the fourth quarter worth about $113,000. Miracle Mile Advisors LLC purchased a new position in shares of Canadian Solar in the fourth quarter worth about $133,000. Finally, Daiwa Securities Group Inc. raised its position in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares during the period. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.