Canadian Solar (NASDAQ:CSIQ) Stock Price Up 5.5% – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ) shares rose 5.5% during mid-day trading on Tuesday . The company traded as high as $10.49 and last traded at $10.25. Approximately 1,157,454 shares changed hands during trading, a decline of 36% from the average daily volume of 1,821,010 shares. The stock had previously closed at $9.71.

Analyst Ratings Changes

Several brokerages have recently weighed in on CSIQ. Citigroup decreased their target price on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating for the company in a research note on Wednesday. Mizuho assumed coverage on Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 target price for the company. The Goldman Sachs Group dropped their target price on Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a research report on Wednesday. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Finally, Wells Fargo & Company dropped their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $17.84.

Canadian Solar Trading Down 3.5 %

The stock has a market cap of $634.46 million, a P/E ratio of -79.92, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The firm’s 50 day simple moving average is $10.33 and its two-hundred day simple moving average is $12.08. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($1.26). Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the prior year, the company earned ($0.02) EPS. Canadian Solar’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, equities research analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSIQ. Mackenzie Financial Corp raised its position in Canadian Solar by 6.9% in the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider’s stock worth $61,422,000 after acquiring an additional 357,900 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Canadian Solar by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider’s stock worth $22,544,000 after purchasing an additional 23,355 shares in the last quarter. Shah Capital Management boosted its holdings in Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after buying an additional 1,556,964 shares in the last quarter. IvyRock Asset Management HK Ltd acquired a new position in Canadian Solar in the fourth quarter worth approximately $15,440,000. Finally, Greenwoods Asset Management Hong Kong Ltd. bought a new position in shares of Canadian Solar in the fourth quarter valued at $7,738,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

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.