Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 1,294,618 shares were traded during trading, a decline of 31% from the previous session's volume of 1,871,008 shares.The stock last traded at $10.58 and had previously closed at $9.28.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on CSIQ. Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 target price for the company in a report on Thursday, April 17th. Roth Capital lowered Canadian Solar from a "buy" rating to a "neutral" rating and set a $9.00 price objective for the company. in a research note on Friday, April 25th. Wells Fargo & Company lowered their price target on Canadian Solar from $13.00 to $10.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 8th. 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 report on Wednesday, March 26th. Finally, StockNews.com downgraded shares of Canadian Solar from a "hold" rating to a "sell" rating in a report on Friday, January 31st. Four analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $16.77.
Get Our Latest Stock Analysis on Canadian Solar
Canadian Solar Price Performance
The stock's 50-day simple moving average is $9.14 and its two-hundred day simple moving average is $10.93. The firm has a market cap of $616.60 million, a P/E ratio of -77.67, a PEG ratio of 0.74 and a beta of 1.33. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.
Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. Canadian Solar's quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm earned ($0.02) earnings per share. Equities research analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Canadian Solar
Several institutional investors and hedge funds have recently added to or reduced their stakes in CSIQ. USCF Advisers LLC grew its stake in shares of Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock worth $28,000 after acquiring an additional 1,000 shares during the last quarter. Wells Fargo & Company MN lifted its stake 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 worth $57,000 after buying an additional 3,347 shares during the period. Sciencast Management LP acquired a new position in shares of Canadian Solar in the 4th quarter valued at $113,000. Miracle Mile Advisors LLC purchased a new position in Canadian Solar in the 4th quarter worth $133,000. Finally, Hsbc Holdings PLC acquired a new stake in Canadian Solar during the 4th quarter worth about $177,000. Hedge funds and other institutional investors own 52.36% of the company's stock.
Canadian Solar Company Profile
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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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