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

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CSIQ. Mizuho lowered their target price on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research note on Monday, June 2nd. Wells Fargo & Company raised 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 note on Friday, May 16th. The Goldman Sachs Group raised their target price on shares of Canadian Solar from $8.00 to $9.00 and gave the company a "sell" rating in a research note on Friday, May 16th. Wall Street Zen raised shares of Canadian Solar from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Finally, Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price target for the company in a report on Thursday, April 17th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $14.74.

Canadian Solar Trading Up 2.1%

The company has a debt-to-equity ratio of 0.84, a current ratio of 1.07 and a quick ratio of 0.80. The company's fifty day moving average is $10.63 and its 200-day moving average is $10.24. The stock has a market cap of $891.37 million, a PE ratio of -26.62 and a beta of 1.38.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.11 billion. During the same quarter last year, the company posted $0.19 earnings per share. The firm's revenue was down 10.0% compared to the same quarter last year. On average, analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. IvyRock Asset Management HK Ltd purchased a new position in Canadian Solar in the fourth quarter valued at $15,440,000. Greenwoods Asset Management Hong Kong Ltd. increased its holdings in Canadian Solar by 60.4% in the first quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,115,861 shares of the solar energy provider's stock valued at $9,652,000 after buying an additional 420,000 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Canadian Solar by 6.9% in the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider's stock valued at $61,422,000 after buying an additional 357,900 shares in the last quarter. Invesco Ltd. increased its holdings in Canadian Solar by 15.5% in the first quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider's stock valued at $19,995,000 after buying an additional 310,564 shares in the last quarter. Finally, Robotti Robert increased its holdings in Canadian Solar by 55.2% in the fourth quarter. Robotti Robert now owns 487,880 shares of the solar energy provider's stock valued at $5,425,000 after buying an additional 173,499 shares in the last quarter. Hedge funds and other institutional investors 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.