Canadian Solar (NASDAQ:CSIQ) Shares Up 10.2% – Still a Buy?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) rose 10.2% during trading on Monday . The stock traded as high as $13.24 and last traded at $13.12. Approximately 1,427,567 shares were traded during mid-day trading, a decline of 17% from the average daily volume of 1,721,201 shares. The stock had previously closed at $11.91.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CSIQ shares. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Jefferies Financial Group initiated coverage on Canadian Solar in a research note on Friday. They set a “buy” rating and a $14.15 price objective on the stock. Glj Research raised their price target on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group reduced their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $19.94.

Canadian Solar Trading Up 9.7 %

The company’s 50-day simple moving average is $13.74 and its 200 day simple moving average is $14.97. 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 firm has a market capitalization of $864.71 million, a PE ratio of 25.75, a price-to-earnings-growth ratio of 3.89 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The company’s revenue was down 30.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.39 earnings per share. As a group, sell-side analysts expect that Canadian Solar Inc. will post 0.12 EPS for the current year.

Institutional Trading of Canadian Solar

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mackenzie Financial Corp grew its position in Canadian Solar by 25.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after purchasing an additional 1,037,800 shares during the period. DNB Asset Management AS grew its holdings in Canadian Solar by 31.4% during the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock worth $13,083,000 after acquiring an additional 211,820 shares during the period. State Street Corp lifted its holdings in Canadian Solar by 5.6% in the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock valued at $8,159,000 after acquiring an additional 25,901 shares during the period. Cerity Partners LLC boosted its position in Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $3,994,000. Institutional investors and hedge funds 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.