Canadian Solar (NASDAQ:CSIQ) Trading 5.6% Higher - Should You Buy?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) were up 5.6% during trading on Wednesday . The company traded as high as $11.35 and last traded at $11.37. Approximately 316,112 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,485,468 shares. The stock had previously closed at $10.77.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They set an "outperform" rating and a $20.00 target price on the stock. StockNews.com downgraded Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Wells Fargo & Company lowered their target price on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 8th. The Goldman Sachs Group lowered Canadian Solar from a "neutral" rating to a "sell" rating and reduced their price target for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Finally, Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They issued a "buy" rating and a $14.15 price objective for the company. Five analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $18.31.

Canadian Solar Stock Performance

The company has a market capitalization of $746.28 million, a price-to-earnings ratio of -94.00, a price-to-earnings-growth ratio of 0.72 and a beta of 1.26. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock has a 50-day simple moving average of $11.12 and a 200-day simple moving average of $12.64.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analysts' expectations of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm's quarterly revenue was down 18.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. On average, analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Canadian Solar

A number of hedge funds have recently bought and sold shares of CSIQ. Private Advisor Group LLC acquired a new stake in Canadian Solar in the third quarter worth $219,000. Summit Place Financial Advisors LLC lifted its position in Canadian Solar by 60.0% in the 3rd quarter. Summit Place Financial Advisors LLC now owns 59,223 shares of the solar energy provider's stock valued at $993,000 after purchasing an additional 22,200 shares during the last quarter. KBC Group NV boosted its stake in Canadian Solar by 36.2% during the 3rd quarter. KBC Group NV now owns 142,402 shares of the solar energy provider's stock valued at $2,387,000 after purchasing an additional 37,850 shares during the period. Prospera Financial Services Inc bought a new position in Canadian Solar in the 3rd quarter worth about $333,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Canadian Solar by 101.8% in the third 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 during the period. 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.