Canadian Solar (NASDAQ:CSIQ) Trading 7.6% Higher – Still a Buy?

Canadian Solar Inc. (NASDAQ:CSIQ) traded up 7.6% during mid-day trading on Tuesday . The stock traded as high as $15.83 and last traded at $15.8860. 518,473 shares traded hands during trading, a decline of 82% from the average daily volume of 2,958,165 shares. The stock had previously closed at $14.76.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Oppenheimer decreased their price target 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. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Roth Mkm lowered their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 23rd. Wells Fargo & Company reduced their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $18.66.

Canadian Solar Price Performance

The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -6.21 and a beta of 1.49. The company has a fifty day simple moving average of $16.78 and a two-hundred day simple moving average of $18.35.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly 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. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The business’s revenue was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.07) EPS. On average, equities research analysts anticipate that Canadian Solar Inc. will post -1.81 earnings per share for the current fiscal year.

Insider Activity at Canadian Solar

In related news, Director Andrew Luen Cheung Wong sold 1,752 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total value of $28,610.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the stock in a transaction on Tuesday, May 26th. The shares were 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.

Institutional Trading of Canadian Solar

Institutional investors and hedge funds have recently made changes to their positions in the stock. Invesco Ltd. increased its position in Canadian Solar by 19.3% during the 3rd quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock worth $28,696,000 after purchasing an additional 356,625 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Canadian Solar by 13.0% during the 3rd quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after purchasing an additional 236,115 shares during the last quarter. Polunin Capital Partners Ltd acquired a new stake in shares of Canadian Solar during the 4th quarter worth about $43,692,000. Bank of America Corp DE grew its holdings in shares of Canadian Solar by 292.7% during the first quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock worth $14,840,000 after buying an additional 798,610 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in Canadian Solar during the third quarter worth approximately $11,544,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

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.