Canadian Solar (NASDAQ:CSIQ) Trading Up 8.6% – Here’s What Happened

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) traded up 8.6% during trading on Monday . The stock traded as high as $15.94 and last traded at $16.3830. Approximately 421,113 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 2,849,396 shares. The stock had previously closed at $15.08.

Analyst Ratings Changes

Several research firms recently weighed in on CSIQ. Wells Fargo & Company dropped their target price on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, April 8th. Freedom Capital cut Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Citigroup raised Canadian Solar from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Finally, Mizuho boosted their price objective on Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and a consensus target price of $19.36.

Canadian Solar Stock Up 5.6%

The business has a 50-day moving average price of $15.90 and a two-hundred day moving average price of $16.80. 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 firm has a market cap of $1.11 billion, a PE ratio of -6.50 and a beta of 1.52.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $950.43 million. During the same period last year, the business posted ($1.07) earnings per share. Canadian Solar’s revenue was down 9.9% compared to the same quarter last year. On average, equities research analysts expect that Canadian Solar Inc. will post -1.81 EPS for the current year.

Insider Buying and Selling

In related news, Director Andrew Luen Cheung Wong sold 1,752 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. Additional details regarding this sale are available in the official SEC disclosure. 21.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. purchased a new stake in Canadian Solar in the fourth quarter valued at $48,000. Quarry LP purchased a new stake in Canadian Solar in the fourth quarter valued at approximately $54,000. Taikang Asset Management Hong Kong Co Ltd purchased a new position in shares of Canadian Solar during the fourth quarter worth approximately $69,000. Raymond James Financial Inc. purchased a new stake in Canadian Solar in the 2nd quarter valued at $33,000. Finally, Optiver Holding B.V. purchased a new position in Canadian Solar during the 1st quarter worth $44,000. Institutional investors and hedge funds 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.