Canadian Solar (NASDAQ:CSIQ) Stock Price Up 5.9% - Here's Why

Key Points

• Canadian Solar's stock price increased by 5.9% to $13.82, despite a significant decline in trading volume, which fell by 80% compared to the average.
• Analysts have mixed opinions on the stock, with price targets ranging from $8.00 to $17.00, and a consensus rating of "Hold" with a target price of $11.64.
• Institutional investors have been active in acquiring shares, with several firms increasing their holdings significantly, representing 52.36% ownership of the company's stock.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price traded up 5.9% on Wednesday . The stock traded as high as $13.93 and last traded at $13.82. 333,602 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,659,748 shares. The stock had previously closed at $13.04.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CSIQ. Wells Fargo & Company cut their price objective on Canadian Solar from $11.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, September 3rd. JPMorgan Chase & Co. lifted their target price on shares of Canadian Solar from $7.00 to $8.00 and gave the company an "underweight" rating in a research report on Friday, September 19th. UBS Group decreased their price target on shares of Canadian Solar from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, September 17th. Zacks Research raised shares of Canadian Solar from a "strong sell" rating to a "hold" rating in a report on Friday, September 19th. Finally, Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a research note on Friday, September 26th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Canadian Solar has a consensus rating of "Hold" and a consensus target price of $11.64.

Canadian Solar Trading Up 14.6%

The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.87 and a current ratio of 1.09. The stock has a 50-day simple moving average of $11.65 and a two-hundred day simple moving average of $10.68. The firm has a market cap of $1.00 billion, a PE ratio of -24.90 and a beta of 1.16.

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

Hedge Funds Weigh In On Canadian Solar

Several institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp grew its position in Canadian Solar by 7.4% during the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider's stock valued at $64,969,000 after buying an additional 405,800 shares during the period. IvyRock Asset Management HK Ltd grew its position in shares of Canadian Solar by 87.8% during the 1st 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 period. Invesco Ltd. increased its stake in shares of Canadian Solar by 15.5% in the 1st quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider's stock worth $19,995,000 after purchasing an additional 310,564 shares in the last quarter. Shah Capital Management raised its holdings in Canadian Solar by 9.2% in the 1st quarter. Shah Capital Management now owns 1,906,285 shares of the solar energy provider's stock worth $16,489,000 after purchasing an additional 160,739 shares during the period. Finally, Legal & General Group Plc lifted its position in Canadian Solar by 21.7% during the second quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider's stock valued at $20,039,000 after purchasing an additional 324,254 shares in the last quarter. 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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