Canadian Solar (NASDAQ:CSIQ) Stock Price Up 7.3% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price shot up 7.3% during trading on Friday . The stock traded as high as $16.97 and last traded at $16.9050. 485,377 shares traded hands during trading, a decline of 84% from the average session volume of 2,977,488 shares. The stock had previously closed at $15.76.

Analyst Ratings Changes

Several research firms have recently commented on CSIQ. Oppenheimer lowered their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. Roth Mkm lowered their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Finally, Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $18.36.

Canadian Solar Trading Up 5.0%

The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The company’s fifty day moving average is $16.07 and its 200-day moving average is $19.14. The stock has a market cap of $1.12 billion, a PE ratio of -6.58 and a beta of 1.50.

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

Insiders Place Their Bets

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The SEC filing for this sale provides additional information. 21.50% of the stock is currently owned by insiders.

Institutional Trading of Canadian Solar

A number of institutional investors and hedge funds have recently modified their holdings of CSIQ. Goldman Sachs Group Inc. increased its stake in shares of Canadian Solar by 20.1% during the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after purchasing an additional 92,002 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its stake in shares of Canadian Solar by 141.9% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock worth $100,000 after purchasing an additional 5,338 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Canadian Solar by 20.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock worth $9,539,000 after purchasing an additional 145,867 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Canadian Solar during the second quarter worth about $33,000. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Canadian Solar during the second quarter worth about $790,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.