Canadian Solar (NASDAQ:CSIQ) Stock Price Up 5.3% - Time to Buy?

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) traded up 5.3% during trading on Tuesday . The company traded as high as $10.64 and last traded at $10.61. 177,190 shares were traded during mid-day trading, a decline of 90% from the average session volume of 1,864,915 shares. The stock had previously closed at $10.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CSIQ shares. Mizuho lowered their price target on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Monday. Wall Street Zen raised shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. 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. Roth Capital set a $11.00 price objective on Canadian Solar and gave the company a "neutral" rating in a research note on Friday, May 16th. Finally, Citigroup upgraded Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 target price for the company in a research report on Thursday, April 17th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Canadian Solar has an average rating of "Hold" and an average price target of $16.58.

Canadian Solar Price Performance

The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The stock's 50-day moving average price is $9.11 and its 200-day moving average price is $10.39. The company has a market capitalization of $739.37 million, a price-to-earnings ratio of -92.00, a price-to-earnings-growth ratio of 0.74 and a beta of 1.38.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.50) by $0.43. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.11 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business's revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. Equities research analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Institutional Trading of Canadian Solar

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Templeton & Phillips Capital Management LLC lifted its position in Canadian Solar by 14.6% during the 1st quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock valued at $125,000 after purchasing an additional 1,843 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in Canadian Solar by 11.3% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 21,874 shares of the solar energy provider's stock valued at $189,000 after buying an additional 2,217 shares during the period. Robotti Robert boosted its stake in Canadian Solar by 0.6% in the first quarter. Robotti Robert now owns 490,880 shares of the solar energy provider's stock valued at $4,246,000 after acquiring an additional 3,000 shares during the last quarter. Wells Fargo & Company MN grew its holdings in 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 during the period. Finally, Shell Asset Management Co. raised its position in shares of Canadian Solar by 11.4% during the 4th quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider's stock valued at $450,000 after acquiring an additional 4,134 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.