Canadian Solar (NASDAQ:CSIQ) Shares Gap Up - Should You Buy?

Key Points

• Canadian Solar shares gapped up premarket, opening at $18.03 versus a prior close of $17.36 and last trading around $18.15 on volume of ~435,659 shares (about a 1.8% move).
• Analyst sentiment is mixed: UBS raised its price target to $37 and Daiwa to $30, but MarketBeat's consensus is Reduce with a $19.85 target (2 Buys, 4 Holds, 5 Sells).
• Institutions own 52.36% of the stock with large recent stakes (Polunin ~$43.7M, Two Sigma ~$11.5M), while fundamentals show a $1.18B market cap, a negative P/E of -49.59 and modest liquidity (current ratio 1.07).

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $17.36, but opened at $18.03. Canadian Solar shares last traded at $18.1490, with a volume of 435,659 shares.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Daiwa Securities Group raised Canadian Solar from a "neutral" rating to an "outperform" rating and set a $30.00 price target for the company in a research report on Tuesday, December 2nd. UBS Group raised their price target on shares of Canadian Solar from $15.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, November 19th. JPMorgan Chase & Co. boosted their price objective on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, November 14th. Mizuho restated an "underperform" rating and set a $21.00 price target (up from $15.00) on shares of Canadian Solar in a research note on Wednesday, November 19th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Canadian Solar in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $19.85.

Canadian Solar Trading Up 1.8%

The business has a 50-day moving average of $20.36 and a 200-day moving average of $19.35. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -49.59 and a beta of 1.31.

Hedge Funds Weigh In On Canadian Solar

Institutional investors and hedge funds have recently made changes to their positions in the business. Polunin Capital Partners Ltd acquired a new stake in Canadian Solar in the 4th quarter valued at approximately $43,692,000. Two Sigma Investments LP purchased a new stake in Canadian Solar in the 3rd quarter worth about $11,544,000. Mackenzie Financial Corp grew its stake in Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider's stock valued at $64,969,000 after acquiring an additional 405,800 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Canadian Solar by 206.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider's stock valued at $7,457,000 after purchasing an additional 385,355 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Canadian Solar during the third quarter worth approximately $5,008,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Solar

Canadian Solar Inc NASDAQ: CSIQ is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.

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