Canadian Solar (NASDAQ:CSIQ) Trading 6.6% Higher

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report)'s share price shot up 6.6% during trading on Tuesday . The stock traded as high as $18.55 and last traded at $18.52. 1,088,691 shares were traded during mid-day trading, a decline of 13% from the average session volume of 1,252,492 shares. The stock had previously closed at $17.37.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CSIQ. Wells Fargo & Company decreased their target price on Canadian Solar from $28.00 to $23.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 19th. The Goldman Sachs Group cut their price target on Canadian Solar from $28.00 to $24.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. Citigroup cut their price target on Canadian Solar from $26.00 to $24.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. StockNews.com cut Canadian Solar from a "hold" rating to a "sell" rating in a research note on Friday, March 15th. Finally, Daiwa Capital Markets initiated coverage on Canadian Solar in a research note on Monday, March 11th. They issued a "neutral" rating and a $21.00 price target for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Canadian Solar currently has an average rating of "Hold" and an average price target of $31.78.

Canadian Solar Stock Up 7.9 %

The firm has a 50 day simple moving average of $20.64 and a two-hundred day simple moving average of $21.86. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $1.21 billion, a P/E ratio of 4.74, a PEG ratio of 0.27 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The firm had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same period in the prior year, the company earned $1.11 earnings per share. The company's quarterly revenue was down 13.7% on a year-over-year basis. On average, equities research analysts expect that Canadian Solar Inc. will post 2.57 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Canadian Solar by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 1,983,169 shares of the solar energy provider's stock valued at $52,019,000 after acquiring an additional 18,810 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Canadian Solar by 29,184.0% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,321 shares of the solar energy provider's stock valued at $193,000 after acquiring an additional 7,296 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Canadian Solar by 20.7% in the 4th quarter. Legal & General Group Plc now owns 212,186 shares of the solar energy provider's stock valued at $5,566,000 after acquiring an additional 36,437 shares during the last quarter. Vident Advisory LLC lifted its stake in shares of Canadian Solar by 24.9% in the 4th quarter. Vident Advisory LLC now owns 15,923 shares of the solar energy provider's stock valued at $418,000 after acquiring an additional 3,173 shares during the last quarter. Finally, Prelude Capital Management LLC bought a new position in shares of Canadian Solar in the 4th quarter valued at $332,000. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.