Canadian Solar (NASDAQ:CSIQ) Trading 9.5% Higher - Time to Buy?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price rose 9.5% during mid-day trading on Friday . The company traded as high as $13.45 and last traded at $13.37. Approximately 737,017 shares were traded during trading, a decline of 54% from the average daily volume of 1,616,904 shares. The stock had previously closed at $12.21.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Oppenheimer decreased their target price on shares of Canadian Solar from $43.00 to $27.00 and set an "outperform" rating on the stock in a research note on Friday, August 23rd. StockNews.com cut shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Wednesday, July 31st. Roth Mkm dropped their target price on shares of Canadian Solar from $25.00 to $20.00 and set a "buy" rating for the company in a report on Monday, August 26th. The Goldman Sachs Group decreased their price target on Canadian Solar from $18.00 to $16.00 and set a "neutral" rating on the stock in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. upped their price objective on Canadian Solar from $17.00 to $20.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 16th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $22.03.

Canadian Solar Stock Performance

The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53. The business has a 50 day moving average of $13.80 and a 200 day moving average of $15.43. The company has a market capitalization of $887.19 million, a P/E ratio of 4.76, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.01) by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. Canadian Solar's revenue for the quarter was down 30.8% compared to the same quarter last year. During the same period last year, the firm posted $2.39 earnings per share. On average, sell-side analysts predict that Canadian Solar Inc. will post 0.12 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

Several large investors have recently added to or reduced their stakes in CSIQ. Mackenzie Financial Corp boosted its holdings in shares of Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider's stock worth $75,456,000 after purchasing an additional 1,037,800 shares during the period. SIR Capital Management L.P. purchased a new position in Canadian Solar during the second quarter worth $3,994,000. D. Scott Neal Inc. bought a new position in Canadian Solar during the second quarter valued at $3,898,000. Foundry Partners LLC purchased a new stake in shares of Canadian Solar in the second quarter valued at $3,667,000. Finally, DNB Asset Management AS raised its stake in shares of Canadian Solar by 31.4% in the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider's stock valued at $13,083,000 after acquiring an additional 211,820 shares during the period. 52.36% of the stock is 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.