Canadian Solar (NASDAQ:CSIQ) Stock Price Up 7.6% - Here's Why

Key Points

• Canadian Solar (CSIQ) jumped 7.6% on Friday to about $16.45, but volume was low at ~1.48 million shares, roughly 48% below the stock's average daily trading volume.
• Analysts have trimmed price targets and issued mixed ratings; MarketBeat shows a consensus rating of Hold with a $18.36 average target price.
• Fundamentals remain weak — the company reported ($1.66) EPS for the most recent quarter, a negative net margin and ROE, a $1.13 billion market cap, and analysts expect roughly -1.44 EPS for the current fiscal year.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) rose 7.6% during trading on Friday . The stock traded as high as $16.45 and last traded at $16.4470. Approximately 1,481,625 shares traded hands during trading, a decline of 48% from the average daily volume of 2,859,582 shares. The stock had previously closed at $15.29.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of several recent analyst reports. Oppenheimer reduced their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, March 20th. Freedom Capital upgraded shares of Canadian Solar from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, March 24th. Roth Mkm reduced their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a research note on Monday, March 23rd. Mizuho reduced their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a "neutral" rating for the company in a research note on Monday, March 23rd. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Canadian Solar in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $18.36.

Canadian Solar Price Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.83 and a current ratio of 1.02. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of -6.68 and a beta of 1.37. The stock's 50 day simple moving average is $15.29 and its 200-day simple moving average is $19.78.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new position in Canadian Solar during the 2nd quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd increased its stake in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock valued at $42,000 after purchasing an additional 2,463 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in Canadian Solar during the 4th quarter valued at approximately $48,000. Quarry LP acquired a new position in Canadian Solar during the 4th quarter valued at approximately $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider's stock valued at $63,000 after purchasing an additional 312 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company's stock.

About Canadian Solar

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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