Stock Traders Buy High Volume of Canadian Solar Put Options (NASDAQ:CSIQ)

by · The Cerbat Gem

Canadian Solar Inc. (NASDAQ:CSIQ – Get Free Report) was the target of some unusual options trading activity on Friday. Traders acquired 14,437 put options on the company. This is an increase of approximately 65% compared to the average daily volume of 8,740 put options.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ traded up $1.26 during trading hours on Friday, hitting $24.99. The stock had a trading volume of 1,488,091 shares, compared to its average volume of 2,449,241. The stock’s fifty day simple moving average is $22.42 and its 200 day simple moving average is $15.56. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of -69.43 and a beta of 1.29. Canadian Solar has a 1-year low of $6.57 and a 1-year high of $34.59.

Canadian Solar (NASDAQ:CSIQ – Get Free Report) last issued its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.08) by $0.50. The business had revenue of $1.49 billion for 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 company’s quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.31) EPS. Sell-side analysts anticipate that Canadian Solar will post -0.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CSIQ shares. Roth Capital increased their price target on Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, November 17th. Wall Street Zen upgraded Canadian Solar from a “sell” rating to a “hold” rating in a report on Friday, September 26th. JPMorgan Chase & Co. boosted their price objective on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, November 14th. Zacks Research raised shares of Canadian Solar from a “strong sell” rating to a “hold” rating in a research note on Friday, September 19th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, Canadian Solar presently has an average rating of “Reduce” and an average price target of $19.85.

View Our Latest Analysis on CSIQ

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after purchasing an additional 2,463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Canadian Solar during the third quarter valued at approximately $73,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Canadian Solar by 38.6% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after purchasing an additional 2,254 shares during the last quarter. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

(Get Free Report)

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.

Recommended Stories