Canadian Solar (NASDAQ:CSIQ) Stock Sees Heavy Put Option Buying

Canadian Solar Inc. (NASDAQ:CSIQ) saw unusually large options trading on Monday. Stock traders bought 6,034 put options on the company. This represents an increase of 42% compared to the average volume of 4,253 put options.

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Caisse de depot et placement du Quebec bought a new position in shares of Canadian Solar in the second quarter worth $2,262,141,000. Wellington Management Group LLP purchased a new position in shares of Canadian Solar in the second quarter valued at $1,018,259,000. Deutsche Bank AG bought a new stake in shares of Canadian Solar during the 2nd quarter valued at $722,850,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Canadian Solar during the 2nd quarter valued at $676,361,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Canadian Solar during the 2nd quarter worth about $631,683,000. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Performance

NASDAQ:CSIQ traded up $0.03 on Tuesday, reaching $11.07. 415,063 shares of the company’s stock were exchanged, compared to its average volume of 2,590,682. The firm has a market cap of $751.65 million, a price-to-earnings ratio of -2.88 and a beta of 1.53. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The stock has a fifty day simple moving average of $13.12 and a 200-day simple moving average of $14.71. Canadian Solar has a 52 week low of $10.34 and a 52 week high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The business had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The business’s revenue for the quarter was down 28.7% on a year-over-year basis. During the same period last year, the firm earned ($0.53) EPS. As a group, sell-side analysts predict that Canadian Solar will post -2.93 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on CSIQ. Roth Capital set a $15.00 price target on shares of Canadian Solar in a report on Friday, August 28th. Glj Research restated a “sell” rating and set a $5.58 price objective on shares of Canadian Solar in a report on Thursday, August 27th. Wall Street Zen lowered shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 29th. Citigroup lowered their price objective on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, August 27th. Finally, Wells Fargo & Company dropped their target price on shares of Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Monday, August 31st. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $18.52.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.