Canadian Solar (NASDAQ:CSIQ) Trading 6.4% Higher - Here's Why

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) traded up 6.4% during trading on Tuesday . The stock traded as high as $10.15 and last traded at $10.33. 132,719 shares were traded during mid-day trading, a decline of 92% from the average session volume of 1,614,809 shares. The stock had previously closed at $9.71.

Analyst Ratings Changes

A number of research firms recently commented on CSIQ. Citigroup cut shares of Canadian Solar from a "neutral" rating to a "sell" rating and lowered their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Mizuho assumed coverage on Canadian Solar in a research report on Friday, December 13th. They set an "outperform" rating and a $20.00 price target on the stock. Wells Fargo & Company decreased their price objective on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, January 8th. Jefferies Financial Group started coverage on shares of Canadian Solar in a report on Friday, November 22nd. They set a "buy" rating and a $14.15 price objective on the stock. Finally, StockNews.com downgraded shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Five equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $18.31.

Canadian Solar Stock Down 1.1 %

The stock has a 50-day moving average of $11.46 and a 200-day moving average of $12.97. 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 cap of $673.51 million, a PE ratio of -84.83, a P/E/G ratio of 0.67 and a beta of 1.26.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Shah Capital Management lifted its stake in Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider's stock worth $19,410,000 after purchasing an additional 1,556,964 shares during the last quarter. Barclays PLC lifted its position in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider's stock worth $1,932,000 after buying an additional 95,924 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 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 worth $1,902,000 after buying an additional 57,246 shares in the last quarter. Private Advisor Group LLC bought a new position in Canadian Solar during the third quarter valued at approximately $219,000. Finally, Cerity Partners LLC grew its position in Canadian Solar by 131.5% during the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider's stock valued at $7,186,000 after acquiring an additional 243,542 shares during the last quarter. 52.36% of the stock is currently 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.