Canadian Solar (NASDAQ:CSIQ) Stock Price Up 9.5% – Still a Buy?

by · The Markets Daily

Canadian Solar Inc. (NASDAQ:CSIQ – Get Free Report)’s stock price was up 9.5% on Wednesday . The company traded as high as $24.88 and last traded at $25.4340. Approximately 918,735 shares traded hands during trading, a decline of 62% from the average daily volume of 2,432,526 shares. The stock had previously closed at $23.22.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CSIQ. Roth Capital boosted their target price on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. UBS Group lifted their price objective on Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. The Goldman Sachs Group boosted their price objective on Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a report on Wednesday, October 8th. Wells Fargo & Company lowered their target price on Canadian Solar from $11.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, September 3rd. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $19.85.

Check Out Our Latest Stock Analysis on CSIQ

Canadian Solar Stock Performance

The company has a market cap of $1.65 billion, a PE ratio of -68.36 and a beta of 1.29. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93. The firm has a fifty day simple moving average of $22.08 and a 200-day simple moving average of $15.45.

Canadian Solar (NASDAQ:CSIQ – Get Free Report) last issued its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.31) earnings per share. On average, research analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors have recently added to or reduced their stakes in CSIQ. Cetera Investment Advisers grew its position in Canadian Solar by 50.6% during the first quarter. Cetera Investment Advisers now owns 32,570 shares of the solar energy provider’s stock worth $282,000 after buying an additional 10,945 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Canadian Solar by 38.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 251,204 shares of the solar energy provider’s stock worth $2,173,000 after buying an additional 70,412 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Canadian Solar by 15.5% in the first quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider’s stock valued at $19,995,000 after purchasing an additional 310,564 shares in the last quarter. Aberdeen Group plc increased its position in Canadian Solar by 109.2% during the first quarter. Aberdeen Group plc now owns 97,145 shares of the solar energy provider’s stock worth $840,000 after buying an additional 50,714 shares in the last quarter. Finally, Greenwoods Asset Management Hong Kong Ltd. raised its holdings in shares of Canadian Solar by 60.4% in the first quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,115,861 shares of the solar energy provider’s stock worth $9,652,000 after acquiring an additional 420,000 shares during the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

(Get Free Report)

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.

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