Canadian Solar (NASDAQ:CSIQ) Stock Price Up 7.1% - Should You Buy?

Key Points

• Canadian Solar's stock price rose by 7.1%, reaching a last traded price of $12.51, despite a significant decrease in trading volume compared to its average.
• Recent analyst ratings indicate a mix of sentiment, with Citigroup upgrading its rating to "neutral" and setting a price target of $8.00, while Mizuho lowered its target from $17.00 to $15.00.
• In its latest earnings report, Canadian Solar exceeded expectations with a revenue of $1.20 billion and an EPS of ($1.07), although the company saw a 10% decline in quarterly revenue compared to the prior year.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s share price rose 7.1% during trading on Friday . The stock traded as high as $12.35 and last traded at $12.51. Approximately 256,580 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 1,603,224 shares. The stock had previously closed at $11.68.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CSIQ shares. Mizuho decreased their target price on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research report on Monday, June 2nd. The Goldman Sachs Group raised their price target on shares of Canadian Solar from $8.00 to $9.00 and gave the stock 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 research report on Friday, May 16th. Wells Fargo & Company upped their target price on shares of Canadian Solar from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Friday, May 16th. Finally, Roth Capital set a $11.00 target price on shares of Canadian Solar and gave the stock a "neutral" rating in a research report on Friday, May 16th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $14.39.

Canadian Solar Stock Performance

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 has a market cap of $839.80 million, a PE ratio of -25.08 and a beta of 1.35. The business has a fifty day simple moving average of $11.93 and a two-hundred day simple moving average of $10.44.

Hedge Funds Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently added to or reduced their stakes in CSIQ. Raymond James Financial Inc. bought a new position in Canadian Solar in the second quarter worth about $33,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Canadian Solar in the 1st quarter worth approximately $39,000. Wells Fargo & Company MN raised its stake in shares of Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after acquiring an additional 3,347 shares in the last quarter. Summit Securities Group LLC raised its stake in shares of Canadian Solar by 598.5% during the 1st quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock worth $61,000 after acquiring an additional 6,015 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider's stock valued at $89,000 after acquiring an additional 2,254 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.