Canadian Solar (NASDAQ:CSIQ) Trading 5.6% Higher – What’s Next?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) were up 5.6% on Wednesday . The stock traded as high as $11.35 and last traded at $11.37. Approximately 316,112 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,485,468 shares. The stock had previously closed at $10.77.

Analysts Set New Price Targets

Several research analysts have weighed in on CSIQ shares. The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Mizuho initiated coverage on Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 price target on the stock. Finally, Wells Fargo & Company reduced their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Five research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $18.31.

Canadian Solar Stock Performance

The stock has a 50-day simple moving average of $11.18 and a 200-day simple moving average of $12.66. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The stock has a market cap of $755.08 million, a PE ratio of -95.33, a P/E/G ratio of 0.70 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the business earned $0.32 earnings per share. The company’s revenue was down 18.4% compared to the same quarter last year. Equities analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of the stock. Private Advisor Group LLC purchased a new position in Canadian Solar in the third quarter valued at about $219,000. Summit Place Financial Advisors LLC boosted its holdings in Canadian Solar by 60.0% in the third quarter. Summit Place Financial Advisors LLC now owns 59,223 shares of the solar energy provider’s stock valued at $993,000 after purchasing an additional 22,200 shares during the last quarter. KBC Group NV raised its stake in Canadian Solar by 36.2% during the third quarter. KBC Group NV now owns 142,402 shares of the solar energy provider’s stock valued at $2,387,000 after buying an additional 37,850 shares in the last quarter. Prospera Financial Services Inc acquired a new stake in Canadian Solar during the third quarter valued at approximately $333,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Canadian Solar by 101.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock valued at $1,902,000 after buying an additional 57,246 shares in the last quarter. 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.