Canadian Solar (NASDAQ:CSIQ) Shares Up 11.6% - What's Next?

Key Points

• Shares of Canadian Solar jumped 11.6% intraday to $19.73 on Friday, with 2.51 million shares traded (about 12% below the average session volume).
• Analyst sentiment is mixed and price targets have been trimmed; the consensus rating is Hold with an average price target of $18.36 despite recent downgrades and cuts from firms like Mizuho, Oppenheimer and Roth MKM.
• Underlying fundamentals remain weak—last quarter EPS was -$1.66, negative net margin and ROE, and a -$1.44 full-year EPS estimate—though institutional ownership is high at 52.36% with recent increases from Goldman Sachs and Mirae Asset.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price traded up 11.6% during mid-day trading on Friday . The stock traded as high as $19.73 and last traded at $19.7380. 2,514,860 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 2,857,392 shares. The stock had previously closed at $17.68.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wall Street Zen downgraded Canadian Solar from a "hold" rating to a "strong sell" rating in a research report on Monday, April 20th. Mizuho decreased their target price on Canadian Solar from $19.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, March 23rd. Oppenheimer decreased their target price on Canadian Solar from $38.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, March 20th. Weiss Ratings reissued a "sell (d+)" rating on shares of Canadian Solar in a research report on Friday, March 27th. Finally, Roth Mkm decreased their target price on Canadian Solar from $30.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, March 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $18.36.

Canadian Solar Stock Up 11.5%

The company has a market cap of $1.34 billion, a price-to-earnings ratio of -7.87 and a beta of 1.44. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97. The firm's fifty day moving average price is $15.07 and its 200-day moving average price is $19.89.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) EPS for the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%.The business had revenue of $1.22 billion for the quarter. Sell-side analysts predict that Canadian Solar Inc. will post -1.44 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CSIQ. Goldman Sachs Group Inc. grew its position in shares of Canadian Solar by 20.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider's stock worth $4,748,000 after purchasing an additional 92,002 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Canadian Solar by 141.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider's stock worth $100,000 after acquiring an additional 5,338 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Canadian Solar by 20.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider's stock worth $9,539,000 after acquiring an additional 145,867 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $33,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $790,000. Institutional investors and hedge funds own 52.36% of the company's stock.

Canadian Solar Company Profile

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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