Canadian Solar (NASDAQ:CSIQ) Trading 7.6% Higher – Time to Buy?

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CSIQ. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, December 18th. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 target price for the company. Wells Fargo & Company decreased their target price on shares of 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. Mizuho began coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Five equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Canadian Solar currently has an average rating of “Hold” and an average price target of $18.58.

Canadian Solar Stock Up 9.9 %

The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The company has a market cap of $808.46 million, a P/E ratio of -101.83, a P/E/G ratio of 8.89 and a beta of 1.29. The stock has a 50 day moving average price of $12.43 and a 200 day moving average price of $13.86.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The business 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 business’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. Research analysts expect that Canadian Solar Inc. will post 0.06 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently modified their holdings of the stock. American Century Companies Inc. lifted its holdings in shares of 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 last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after buying an additional 1,500 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Canadian Solar by 1.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock worth $1,847,000 after acquiring an additional 1,522 shares in the last quarter. Quarry LP acquired a new stake in shares of Canadian Solar during the second quarter valued at approximately $31,000. Finally, Green Alpha Advisors LLC lifted its position in shares of Canadian Solar by 8.8% in the 3rd quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock valued at $677,000 after acquiring an additional 3,282 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Company Profile

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.