Canadian Solar Target of Unusually High Options Trading (NASDAQ:CSIQ)

by · The Markets Daily

Canadian Solar Inc. (NASDAQ:CSIQ – Get Free Report) was the target of unusually large options trading activity on Monday. Investors bought 15,417 call options on the stock. This represents an increase of approximately 233% compared to the average daily volume of 4,632 call options.

Institutional Trading of Canadian Solar

Several hedge funds have recently modified their holdings of the company. Janney Montgomery Scott LLC grew its position in shares of Canadian Solar by 9.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after buying an additional 1,283 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Canadian Solar by 8.0% in the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock worth $276,000 after purchasing an additional 1,383 shares during the last quarter. Quarry LP acquired a new stake in Canadian Solar during the second quarter worth about $31,000. Daiwa Securities Group Inc. grew its holdings in Canadian Solar by 72.1% during the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after acquiring an additional 3,100 shares during the period. Finally, Green Alpha Advisors LLC grew its holdings in Canadian Solar by 8.8% during the third quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock worth $677,000 after acquiring an additional 3,282 shares during the period. 52.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on CSIQ. Glj Research increased their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group lowered their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Oppenheimer lowered their price target on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 23rd. Roth Mkm lowered their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $22.03.

Check Out Our Latest Report on Canadian Solar

Canadian Solar Stock Up 17.6 %

Canadian Solar stock traded up $2.36 on Monday, hitting $15.77. 4,462,260 shares of the stock traded hands, compared to its average volume of 1,644,643. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. The firm has a market cap of $1.04 billion, a P/E ratio of 4.93, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31. The business’s fifty day simple moving average is $13.77 and its 200 day simple moving average is $15.36. Canadian Solar has a 1 year low of $11.41 and a 1 year high of $26.85.

Canadian Solar (NASDAQ:CSIQ – Get Free Report) last issued its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. Canadian Solar’s revenue was down 30.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.39 EPS. As a group, sell-side analysts forecast that Canadian Solar will post 0.12 earnings per share for the current year.

About Canadian Solar

(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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