Canadian Solar (NASDAQ:CSIQ) Sees Large Volume Increase - Here's Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) saw an uptick in trading volume on Friday . 1,294,618 shares were traded during trading, a decline of 31% from the previous session's volume of 1,871,008 shares.The stock last traded at $10.58 and had previously closed at $9.28.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CSIQ. The Goldman Sachs Group decreased their target price on Canadian Solar from $11.00 to $9.00 and set a "sell" rating for the company in a research report on Wednesday, March 26th. Roth Capital downgraded shares of Canadian Solar from a "buy" rating to a "neutral" rating and set a $9.00 price objective on the stock. in a research note on Friday. Wells Fargo & Company dropped their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 8th. StockNews.com downgraded shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Finally, Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price objective on the stock in a research note on Thursday, April 17th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Canadian Solar has an average rating of "Hold" and a consensus target price of $16.77.

Canadian Solar Trading Down 11.9 %

The company has a market capitalization of $649.68 million, a price-to-earnings ratio of -81.83, a P/E/G ratio of 0.74 and a beta of 1.33. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The company's 50 day simple moving average is $9.18 and its two-hundred day simple moving average is $10.94.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing the consensus estimate of ($0.21) by ($1.26). Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. The company's quarterly revenue was down 1.8% on a year-over-year basis. As a group, research analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently made changes to their positions in the stock. USCF Advisers LLC lifted its stake in shares of Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock worth $28,000 after buying an additional 1,000 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after buying an additional 3,347 shares during the period. Sciencast Management LP acquired a new stake in shares of Canadian Solar during the fourth quarter worth $113,000. Miracle Mile Advisors LLC purchased a new position in shares of Canadian Solar during the fourth quarter worth $133,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Canadian Solar during the fourth quarter worth $177,000. 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.