Canadian Solar (NASDAQ:CSIQ) Stock Price Up 12.8% - Here's What Happened

Key Points

• Canadian Solar's stock price surged by 12.8% during mid-day trading, reaching a high of $20.24 from a previous close of $17.94, with trading volume significantly increasing to 2.55 million shares.
• Analysts have given mixed ratings on the stock, with three rating it as a Buy, three as Hold, and four as Sell, resulting in a consensus rating of "Reduce" and an average price target of $11.89.
• The company reported a loss of $0.53 per share for the most recent quarter, which was lower than market expectations, and had revenues of $1.69 billion, falling short of the $1.90 billion consensus estimate.

Shares of Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) shot up 12.8% during mid-day trading on Friday . The company traded as high as $19.83 and last traded at $20.24. 2,551,455 shares traded hands during trading, an increase of 41% from the average session volume of 1,809,592 shares. The stock had previously closed at $17.94.

Wall Street Analyst Weigh In

CSIQ has been the topic of a number of research reports. Citigroup reaffirmed a "sell" rating and issued a $11.00 price target on shares of Canadian Solar in a report on Tuesday, October 21st. Zacks Research raised shares of Canadian Solar from a "strong sell" rating to a "hold" rating in a report on Friday, September 19th. Wall Street Zen raised shares of Canadian Solar from a "sell" rating to a "hold" rating in a report on Friday, September 26th. The Goldman Sachs Group boosted their target price on shares of Canadian Solar from $9.00 to $10.00 and gave the company a "sell" rating in a report on Wednesday, October 8th. Finally, Wells Fargo & Company lowered their target price on shares of Canadian Solar from $11.00 to $10.00 and set an "equal weight" rating on the stock in a report on Wednesday, September 3rd. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Reduce" and an average price target of $11.89.

Canadian Solar Trading Up 14.1%

The stock has a market cap of $1.37 billion, a P/E ratio of -34.28 and a beta of 1.28. The firm's fifty day moving average price is $13.05 and its two-hundred day moving average price is $11.65. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.09 and a quick ratio of 0.87.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Thursday, August 21st. The solar energy provider reported ($0.53) earnings per share for the quarter, missing the consensus estimate of $0.76 by ($1.29). The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.90 billion. Canadian Solar had a negative return on equity of 4.97% and a negative net margin of 0.12%.The company's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.02 EPS. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities research analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CSIQ. Cerity Partners LLC increased its stake in Canadian Solar by 52.2% in the first quarter. Cerity Partners LLC now owns 374,966 shares of the solar energy provider's stock valued at $3,243,000 after acquiring an additional 128,669 shares during the last quarter. Templeton & Phillips Capital Management LLC increased its stake in Canadian Solar by 14.6% in the first quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock valued at $125,000 after acquiring an additional 1,843 shares during the last quarter. Cetera Investment Advisers increased its stake in Canadian Solar by 50.6% in the first quarter. Cetera Investment Advisers now owns 32,570 shares of the solar energy provider's stock valued at $282,000 after acquiring an additional 10,945 shares during the last quarter. IvyRock Asset Management HK Ltd increased its stake in Canadian Solar by 87.8% in the first quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider's stock valued at $22,557,000 after acquiring an additional 1,219,200 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Canadian Solar in the first quarter valued at $157,000. 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.

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