Canadian Solar (NASDAQ:CSIQ) Stock Price Up 6.5% - Here's What Happened

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) shares rose 6.5% during mid-day trading on Monday . The company traded as high as $8.30 and last traded at $8.07. Approximately 861,193 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 1,871,360 shares. The stock had previously closed at $7.58.

Analysts Set New Price Targets

CSIQ has been the topic of a number of recent research reports. StockNews.com lowered Canadian Solar from a "hold" rating to a "sell" rating in a research note on Friday, January 31st. Wells Fargo & Company cut their target price on shares of Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 8th. Citigroup decreased their price target on shares of Canadian Solar from $12.00 to $11.00 and set a "sell" rating for the company in a research report on Wednesday, March 26th. The Goldman Sachs Group reduced their price objective on shares of Canadian Solar from $11.00 to $9.00 and set a "sell" rating on the stock in a research note on Wednesday, March 26th. Finally, Mizuho started coverage on Canadian Solar in a research report on Friday, December 13th. They set an "outperform" rating and a $20.00 target price for the company. Five analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Canadian Solar presently has an average rating of "Hold" and an average price target of $17.84.

Canadian Solar Stock Performance

The stock has a market capitalization of $490.90 million, a P/E ratio of -61.83, a price-to-earnings-growth ratio of 0.74 and a beta of 1.33. 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 company has a 50-day moving average price of $9.64 and a two-hundred day moving average price of $11.54.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($1.26). The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.57 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. On average, equities analysts forecast 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 institutional investors and hedge funds have recently made changes to their positions in CSIQ. USCF Advisers LLC increased its position in Canadian Solar by 66.7% in the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock valued at $28,000 after buying an additional 1,000 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock valued at $57,000 after acquiring an additional 3,347 shares in the last quarter. Sciencast Management LP bought a new stake in shares of Canadian Solar during the fourth quarter valued at approximately $113,000. Miracle Mile Advisors LLC acquired a new position in shares of Canadian Solar during the fourth quarter worth approximately $133,000. Finally, Hsbc Holdings PLC bought a new position in shares of Canadian Solar in the 4th quarter worth $177,000. Institutional investors own 52.36% of the company's stock.

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.