Canadian Solar (NASDAQ:CSIQ) Shares Up 7.6% - Should You Buy?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) were up 7.6% during trading on Thursday . The stock traded as high as $12.12 and last traded at $11.96. Approximately 490,144 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 1,740,322 shares. The stock had previously closed at $11.12.

Analyst Ratings Changes

CSIQ has been the topic of a number of research analyst reports. Jefferies Financial Group started coverage on Canadian Solar in a report on Friday, November 22nd. They issued a "buy" rating and a $14.15 target price on the stock. Citigroup lowered shares of Canadian Solar from a "neutral" rating to a "sell" rating and decreased their price target for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Wells Fargo & Company dropped their price objective on shares of Canadian Solar from $15.00 to $13.00 and set an "equal weight" rating for the company in a research note on Thursday, December 5th. StockNews.com cut shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Wednesday, December 18th. Finally, Mizuho assumed coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an "outperform" rating and a $20.00 price objective for the company. Five analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $18.58.

Canadian Solar Price Performance

The firm has a market cap of $796.55 million, a price-to-earnings ratio of -100.33, a P/E/G ratio of 8.89 and a beta of 1.29. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The business has a 50 day simple moving average of $12.43 and a 200-day simple moving average of $13.86.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The business's revenue was down 18.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. Equities research analysts expect that Canadian Solar Inc. will post 0.06 earnings per share for the current year.

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp increased its position in shares of Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider's stock valued at $75,456,000 after buying an additional 1,037,800 shares during the period. Barclays PLC boosted its holdings in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider's stock valued at $1,932,000 after purchasing an additional 95,924 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Canadian Solar by 101.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider's stock valued at $1,902,000 after purchasing an additional 57,246 shares in the last quarter. Foundry Partners LLC bought a new position in shares of Canadian Solar in the second quarter worth $3,667,000. Finally, Private Advisor Group LLC bought a new stake in Canadian Solar during the third quarter valued at $219,000. 52.36% of the stock is currently owned by 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.