Canadian Solar (NASDAQ:CSIQ) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s share price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $10.32 and traded as high as $13.07. Canadian Solar shares last traded at $12.48, with a volume of 565,799 shares trading hands.

Wall Street Analyst Weigh In

CSIQ has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their price target on Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a research report on Friday, May 16th. Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price target on the stock in a research note on Thursday, April 17th. Wall Street Zen raised shares of Canadian Solar from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Roth Capital set a $11.00 price objective on shares of Canadian Solar and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Wells Fargo & Company lifted their target price on shares of Canadian Solar from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Canadian Solar presently has an average rating of "Hold" and an average price target of $14.16.

Canadian Solar Price Performance

The stock's fifty day moving average price is $11.22 and its 200-day moving average price is $10.33. The firm has a market cap of $820.41 million, a PE ratio of -24.50 and a beta of 1.38. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.07 and a quick ratio of 0.80.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share for the quarter, topping analysts' consensus estimates of ($1.50) by $0.43. Canadian Solar had a negative net margin of 0.18% and a negative return on equity of 4.34%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same period in the previous year, the business posted $0.19 earnings per share. Canadian Solar's quarterly revenue was down 10.0% on a year-over-year basis. As a group, equities analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in Canadian Solar by 59.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider's stock worth $2,010,000 after buying an additional 67,331 shares during the last quarter. Sciencast Management LP purchased a new position in shares of Canadian Solar during the 4th quarter worth $113,000. Quantbot Technologies LP boosted its position in shares of Canadian Solar by 20.3% during the 4th quarter. Quantbot Technologies LP now owns 79,643 shares of the solar energy provider's stock valued at $886,000 after acquiring an additional 13,446 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Canadian Solar by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider's stock valued at $22,544,000 after purchasing an additional 23,355 shares during the period. Finally, IvyRock Asset Management HK Ltd acquired a new stake in Canadian Solar during the fourth quarter worth about $15,440,000. 52.36% of the stock is currently 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.