Traders Buy High Volume of Canadian Solar Call Options (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of some unusual options trading on Monday. Stock investors acquired 17,562 call options on the company. This represents an increase of approximately 335% compared to the average daily volume of 4,040 call options.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CSIQ shares. Oppenheimer reduced their price target on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 23rd. UBS Group cut their price objective on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, June 12th. Glj Research boosted their price target on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. raised their target price on Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 16th. Finally, Roth Mkm cut their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Canadian Solar has a consensus rating of “Hold” and an average price target of $23.33.

Canadian Solar Stock Performance

Shares of CSIQ opened at $15.63 on Wednesday. The company has a market capitalization of $1.03 billion, a PE ratio of 5.43, a P/E/G ratio of 4.71 and a beta of 1.31. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53. The company has a 50-day simple moving average of $14.13 and a 200-day simple moving average of $15.88. Canadian Solar has a 52-week low of $11.41 and a 52-week high of $26.85.

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

Institutional Trading of Canadian Solar

A number of hedge funds have recently made changes to their positions in the company. Quarry LP purchased a new position in shares of Canadian Solar during the 2nd quarter valued at approximately $31,000. Daiwa Securities Group Inc. grew its stake in 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 in the last quarter. Janney Montgomery Scott LLC raised its stake in Canadian Solar by 9.2% during 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 in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Canadian Solar by 43.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after buying an additional 4,739 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of Canadian Solar in the 1st quarter worth approximately $336,000. 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.