Canadian Solar (NASDAQ:CSIQ) Shares Up 5.2% - Time to Buy?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) rose 5.2% during mid-day trading on Monday . The stock traded as high as $13.19 and last traded at $13.17. Approximately 1,066,276 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 1,846,753 shares. The stock had previously closed at $12.52.

Analyst Ratings Changes

A number of equities analysts recently commented on CSIQ shares. Mizuho decreased their price target on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research note on Monday, June 2nd. Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 target price for the company in a research note on Thursday, April 17th. Wall Street Zen upgraded shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Wells Fargo & Company upped their price target on shares of Canadian Solar from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Friday, May 16th. Finally, Roth Capital set a $11.00 target price on Canadian Solar and gave the stock a "neutral" rating in a report on Friday, May 16th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $14.74.

Canadian Solar Stock Up 4.1%

The firm has a market capitalization of $872.65 million, a price-to-earnings ratio of -26.09 and a beta of 1.38. The business has a fifty day moving average price of $10.49 and a two-hundred day moving average price of $10.21. 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 issued its quarterly earnings data on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share for the quarter, topping the consensus estimate of ($1.50) by $0.43. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.11 billion. Canadian Solar had a negative return on equity of 4.34% and a negative net margin of 0.18%. The firm's revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.19 earnings per share. On average, equities analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Trading of Canadian Solar

Large investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new position in Canadian Solar during the 1st quarter worth $39,000. Wells Fargo & Company MN grew its stake in shares of Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock valued at $57,000 after purchasing an additional 3,347 shares during the period. Summit Securities Group LLC grew its stake in Canadian Solar by 598.5% during the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock worth $61,000 after buying an additional 6,015 shares during the last quarter. Sciencast Management LP bought a new stake in shares of Canadian Solar during the fourth quarter worth $113,000. Finally, Templeton & Phillips Capital Management LLC grew its holdings in Canadian Solar by 14.6% during the 1st quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock worth $125,000 after acquiring an additional 1,843 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company's stock.

About Canadian Solar

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.