Canadian Solar (NASDAQ:CSIQ) Stock Price Up 5.5% - Here's Why

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) was up 5.5% on Tuesday . The stock traded as high as $10.49 and last traded at $10.25. Approximately 1,157,454 shares traded hands during trading, a decline of 36% from the average daily volume of 1,821,010 shares. The stock had previously closed at $9.71.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of several analyst reports. The Goldman Sachs Group lowered their price objective on Canadian Solar from $11.00 to $9.00 and set a "sell" rating for the company in a research note on Wednesday. Citigroup lowered their price target on Canadian Solar from $12.00 to $11.00 and set a "sell" rating for the company in a research report on Wednesday. StockNews.com cut shares of Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an "outperform" rating and a $20.00 target price for the company. Finally, Wells Fargo & Company cut their price target on shares of Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 8th. Five research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Canadian Solar presently has a consensus rating of "Hold" and a consensus price target of $17.84.

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Canadian Solar Stock Performance

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 has a market capitalization of $610.65 million, a PE ratio of -76.92, a PEG ratio of 0.74 and a beta of 1.34. The business has a 50 day simple moving average of $10.26 and a 200 day simple moving average of $12.04.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.57 billion. During the same period in the prior year, the business posted ($0.02) EPS. The company's quarterly revenue was down 1.8% on a year-over-year basis. Equities research analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds have recently added to or reduced their stakes in the business. USCF Advisers LLC boosted its stake in shares of Canadian Solar by 66.7% in 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 last quarter. Wells Fargo & Company MN boosted its position in Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after purchasing an additional 3,347 shares in the last quarter. Sciencast Management LP acquired a new stake in shares of Canadian Solar during the 4th quarter worth approximately $113,000. Miracle Mile Advisors LLC purchased a new position in shares of Canadian Solar during the 4th quarter valued at approximately $133,000. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider's stock valued at $149,000 after purchasing an additional 1,500 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.