Canadian Solar (NASDAQ:CSIQ) Sees Large Volume Increase - Should You Buy?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 2,652,360 shares traded hands during trading, an increase of 62% from the previous session's volume of 1,632,936 shares.The stock last traded at $15.51 and had previously closed at $13.41.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CSIQ shares. StockNews.com cut Canadian Solar from a "hold" rating to a "sell" rating in a research report on Wednesday, July 31st. Oppenheimer dropped their target price on Canadian Solar from $43.00 to $27.00 and set an "outperform" rating on the stock in a report on Friday, August 23rd. JPMorgan Chase & Co. upped their target price on Canadian Solar from $17.00 to $20.00 and gave the stock an "underweight" rating in a report on Tuesday, July 16th. Roth Mkm dropped their target price on Canadian Solar from $25.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, August 26th. Finally, Glj Research upped their target price on Canadian Solar from $9.10 to $12.28 and gave the stock a "sell" rating in a report on Tuesday, July 30th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Canadian Solar currently has a consensus rating of "Hold" and an average target price of $22.03.

Canadian Solar Stock Up 15.7 %

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 firm has a 50 day simple moving average of $13.77 and a 200-day simple moving average of $15.36. The stock has a market cap of $1.03 billion, a P/E ratio of 4.93, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business's revenue for the quarter was down 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.39 earnings per share. On average, equities research analysts forecast that Canadian Solar Inc. will post 0.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canadian Solar

Large investors have recently made changes to their positions in the company. Quarry LP bought a new position in shares of Canadian Solar during the second quarter worth approximately $31,000. Daiwa Securities Group Inc. increased its stake in shares of Canadian Solar by 72.1% during the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider's stock worth $146,000 after purchasing an additional 3,100 shares during the period. Private Advisor Group LLC bought a new position in shares of Canadian Solar during the third quarter worth approximately $219,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider's stock worth $232,000 after purchasing an additional 4,739 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Canadian Solar by 27.6% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider's stock worth $257,000 after purchasing an additional 3,768 shares during the period. 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.

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