Canadian Solar (NASDAQ:CSIQ) Shares Up 7.6% – Time to Buy?

Canadian Solar Inc. (NASDAQ:CSIQ) shares shot up 7.6% during mid-day trading on Thursday . The stock traded as high as $20.24 and last traded at $20.5060. 830,592 shares were traded during mid-day trading, a decline of 72% from the average session volume of 2,976,532 shares. The stock had previously closed at $19.05.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CSIQ. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. Freedom Capital lowered Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Wells Fargo & Company decreased their price objective on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 8th. Finally, Oppenheimer decreased their price objective on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, March 20th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $18.36.

Canadian Solar Price Performance

The firm has a market capitalization of $1.29 billion, a P/E ratio of -7.55 and a beta of 1.44. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The business has a 50 day simple moving average of $15.34 and a two-hundred day simple moving average of $19.84.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.35. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The company’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.07) EPS. On average, sell-side analysts expect that Canadian Solar Inc. will post -1.16 EPS for the current fiscal year.

Insider Transactions at Canadian Solar

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The SEC filing for this sale provides additional information. 21.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Canadian Solar

Institutional investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. bought a new position in shares of Canadian Solar during the 4th quarter valued at about $48,000. Quarry LP bought a new position in shares of Canadian Solar during the 4th quarter valued at about $54,000. Taikang Asset Management Hong Kong Co Ltd bought a new position in shares of Canadian Solar during the 4th quarter valued at about $69,000. Raymond James Financial Inc. bought a new position in shares of Canadian Solar during the 2nd quarter valued at about $33,000. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after purchasing an additional 2,463 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.