Canadian Solar (NASDAQ:CSIQ) Trading Up 8% - What's Next?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) shot up 8% on Wednesday . The stock traded as high as $12.04 and last traded at $11.96. 2,495,744 shares changed hands during mid-day trading, an increase of 59% from the average session volume of 1,569,738 shares. The stock had previously closed at $11.07.

Analyst Upgrades and Downgrades

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

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Canadian Solar Stock Performance

The firm has a market cap of $664.90 million, a price-to-earnings ratio of -83.75, a P/E/G ratio of 0.74 and a beta of 1.26. The business's 50-day simple moving average is $11.05 and its two-hundred day simple moving average is $12.50. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

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

Hedge Funds Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. USCF Advisers LLC raised its position in shares of Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock worth $28,000 after purchasing an additional 1,000 shares during the last quarter. Wells Fargo & Company MN increased its stake in Canadian Solar by 184.0% during the 4th 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 in the last quarter. Daiwa Securities Group Inc. increased its stake in 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 worth $149,000 after buying an additional 1,500 shares in the last quarter. Sciencast Management LP acquired a new position in shares of Canadian Solar during the fourth quarter valued at approximately $113,000. Finally, Miracle Mile Advisors LLC purchased a new position in shares of Canadian Solar in the fourth quarter valued at approximately $133,000. 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.