Canadian Solar (NASDAQ:CSIQ) Stock Price Up 7.6% – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ) shares traded up 7.6% during trading on Thursday . The stock traded as high as $12.12 and last traded at $11.96. 490,144 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 1,740,322 shares. The stock had previously closed at $11.12.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Mizuho began coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Jefferies Financial Group began coverage on shares of Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. Wells Fargo & Company dropped their target price on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, December 5th. Finally, Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Five equities 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $18.58.

Canadian Solar Price Performance

The company has a market capitalization of $806.48 million, a PE ratio of -101.58, a P/E/G ratio of 8.89 and a beta of 1.29. The firm has a fifty day simple moving average of $12.41 and a 200 day simple moving average of $13.82. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company’s quarterly revenue was down 18.4% on a year-over-year basis. During the same period last year, the firm earned $0.32 earnings per share. Equities analysts anticipate that Canadian Solar Inc. will post 0.06 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Large investors have recently modified their holdings of the business. Rhumbline Advisers boosted its position in Canadian Solar by 34.6% in the second quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock valued at $287,000 after buying an additional 5,003 shares during the last quarter. Foundry Partners LLC acquired a new stake in shares of Canadian Solar in the second quarter worth $3,667,000. SIR Capital Management L.P. purchased a new position in shares of Canadian Solar during the second quarter worth $3,994,000. American Century Companies Inc. lifted its position in Canadian Solar by 8.0% during the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after purchasing an additional 1,383 shares during the period. Finally, DRW Securities LLC boosted its holdings in Canadian Solar by 36.0% in the second quarter. DRW Securities LLC now owns 68,000 shares of the solar energy provider’s stock valued at $1,003,000 after purchasing an additional 18,000 shares during the last quarter. Hedge funds and other institutional investors 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.