Canadian Solar (NASDAQ:CSIQ) Shares Up 5.5%

Canadian Solar Inc. (NASDAQ:CSIQ) shares shot up 5.5% on Wednesday . The company traded as high as $14.84 and last traded at $14.84. 555,291 shares traded hands during trading, a decline of 64% from the average session volume of 1,554,401 shares. The stock had previously closed at $14.06.

Wall Street Analysts Forecast Growth

CSIQ has been the topic of several recent analyst reports. The Goldman Sachs Group decreased their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, August 26th. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Oppenheimer decreased their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. JPMorgan Chase & Co. boosted their price target on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. Finally, UBS Group cut their target price on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a research note on Wednesday, June 12th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $23.33.

Canadian Solar Trading Up 5.1 %

The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. The firm has a market capitalization of $977.83 million, a price-to-earnings ratio of 5.15, a PEG ratio of 3.61 and a beta of 1.29. The company has a 50-day moving average price of $14.49 and a 200-day moving average price of $16.39.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The firm’s revenue for the quarter was down 30.8% on a year-over-year basis. During the same quarter last year, the company earned $2.39 earnings per share. As a group, research analysts forecast that Canadian Solar Inc. will post 0.15 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

Several institutional investors and hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP acquired a new stake in shares of Canadian Solar in the first quarter valued at approximately $989,000. Schroder Investment Management Group increased its stake in Canadian Solar by 15.7% in the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after purchasing an additional 213,959 shares during the period. D. Scott Neal Inc. purchased a new stake in shares of Canadian Solar in the second quarter valued at about $3,898,000. BNP Paribas Financial Markets boosted its stake in shares of Canadian Solar by 30.9% during the first quarter. BNP Paribas Financial Markets now owns 198,646 shares of the solar energy provider’s stock worth $3,925,000 after buying an additional 46,888 shares during the period. Finally, Private Advisor Group LLC purchased a new position in shares of Canadian Solar during the fourth quarter worth about $201,000. 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.