Canadian Solar (NASDAQ:CSIQ) Trading Up 7.7% – Still a Buy?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) were up 7.7% on Thursday . The company traded as high as $14.38 and last traded at $14.5550. Approximately 1,484,398 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 2,840,052 shares. The stock had previously closed at $13.51.

Analyst Ratings Changes

A number of equities research analysts recently commented on CSIQ shares. Freedom Capital raised Canadian Solar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 24th. Oppenheimer reduced their target price on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, March 20th. Wall Street Zen lowered Canadian Solar from a “hold” rating to a “strong sell” rating in a research report on Monday. Mizuho cut their price target on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Finally, Roth Mkm reduced their price objective 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. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.36.

Canadian Solar Stock Performance

The firm has a market cap of $995.65 million, a P/E ratio of -5.87 and a beta of 1.37. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.83 and a current ratio of 1.02. The stock’s 50-day moving average is $15.88 and its 200 day moving average is $19.82.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share for the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%.The business had revenue of $1.22 billion for the quarter. On average, research analysts predict that Canadian Solar Inc. will post -1.44 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of CSIQ. Raymond James Financial Inc. bought a new stake in Canadian Solar during the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd lifted its stake in Canadian Solar by 335.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after buying an additional 2,463 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new position in Canadian Solar in the fourth quarter valued at approximately $48,000. Quarry LP acquired a new position in shares of Canadian Solar in the fourth quarter valued at approximately $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Canadian Solar by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after buying an additional 312 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

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.