Canadian Solar (NASDAQ:CSIQ) Stock Price Up 8.1% - What's Next?

Key Points

• Canadian Solar shares jumped 8.1% in mid-day trading, reaching as high as $16.59 before settling around $16.42, though volume was far below average.
• Analyst sentiment remains cautious: recent target changes lifted the average price target to $18.66, but the stock still carries an average rating of "Reduce" with more Hold and Sell ratings than Buys.
• In its latest earnings report, Canadian Solar beat estimates with a smaller-than-expected loss and stronger revenue, but revenue still fell 9.9% year over year and analysts expect a full-year loss.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s stock price shot up 8.1% during mid-day trading on Wednesday . The company traded as high as $16.59 and last traded at $16.4170. 309,259 shares traded hands during trading, a decline of 89% from the average daily volume of 2,918,028 shares. The stock had previously closed at $15.19.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CSIQ shares. Mizuho lifted their price objective on Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, June 15th. Wall Street Zen upgraded Canadian Solar from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. Weiss Ratings restated a "sell (d+)" rating on shares of Canadian Solar in a report on Friday, March 27th. Oppenheimer reduced their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, March 20th. Finally, Wells Fargo & Company decreased their price target on Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 8th. Three research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $18.66.

Canadian Solar Stock Up 3.2%

The firm has a market cap of $1.06 billion, a P/E ratio of -6.22 and a beta of 1.51. The firm's 50 day moving average is $16.94 and its two-hundred day moving average is $17.64. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, topping analysts' consensus estimates of ($1.06) by $0.35. The company had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The business's quarterly revenue was down 9.9% compared to the same quarter last year. During the same period last year, the firm posted ($1.07) earnings per share. As a group, research analysts anticipate that Canadian Solar Inc. will post -1.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The SEC filing for this sale provides additional information. Corporate insiders own 21.50% of the company's stock.

Institutional Trading of Canadian Solar

Several institutional investors have recently added to or reduced their stakes in CSIQ. China Universal Asset Management Co. Ltd. bought a new position in shares of Canadian Solar in the 4th quarter valued at about $48,000. Quarry LP acquired a new position in shares of Canadian Solar during the fourth quarter worth approximately $54,000. Taikang Asset Management Hong Kong Co Ltd bought a new position in shares of Canadian Solar in the fourth quarter valued at $69,000. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar during the second quarter worth about $33,000. Finally, Optiver Holding B.V. bought a new stake in shares of Canadian Solar during the first quarter worth about $44,000. Institutional investors and hedge funds own 52.36% of the company's stock.

Canadian Solar Company Profile

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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