Canadian Solar (NASDAQ:CSIQ) Trading 6.4% Higher

Canadian Solar Inc. (NASDAQ:CSIQ) shares rose 6.4% during mid-day trading on Monday . The stock traded as high as $16.13 and last traded at $16.12. Approximately 531,680 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 1,420,722 shares. The stock had previously closed at $15.15.

Analyst Ratings Changes

CSIQ has been the topic of several recent research reports. Citigroup dropped their price target on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. The Goldman Sachs Group lowered their target price on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company lowered their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. Finally, Daiwa Capital Markets started coverage on Canadian Solar in a research report on Monday, March 11th. They issued a “neutral” rating and a $21.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Canadian Solar has an average rating of “Hold” and a consensus target price of $31.78.

Canadian Solar Price Performance

The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The firm has a market cap of $1.05 billion, a P/E ratio of 4.22, a PEG ratio of 0.24 and a beta of 1.26. The business has a fifty day moving average of $18.71 and a 200 day moving average of $21.07.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter last year, the company posted $1.11 earnings per share. Canadian Solar’s quarterly revenue was down 13.7% on a year-over-year basis. On average, sell-side analysts anticipate that Canadian Solar Inc. will post 2.58 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently made changes to their positions in CSIQ. Adirondack Trust Co. raised its position in shares of Canadian Solar by 200.0% in the third quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock valued at $37,000 after buying an additional 1,000 shares in the last quarter. USCF Advisers LLC raised its position in shares of Canadian Solar by 87.5% in the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock valued at $39,000 after buying an additional 700 shares in the last quarter. Assetmark Inc. raised its position in shares of Canadian Solar by 71.2% in the third quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider’s stock valued at $59,000 after buying an additional 993 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Canadian Solar in the third quarter valued at approximately $93,000. Finally, Private Advisor Group LLC acquired a new stake in shares of Canadian Solar in the fourth quarter valued at approximately $201,000. 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.