Canadian Solar (NASDAQ:CSIQ) Stock Price Up 6.4%

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) was up 6.4% on Monday . The company traded as high as $16.13 and last traded at $16.12. Approximately 531,680 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 1,420,722 shares. The stock had previously closed at $15.15.

Analysts Set New Price Targets

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

Canadian Solar Price Performance

The stock has a fifty day moving average of $18.71 and a 200-day moving average of $21.07. 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 firm has a market capitalization of $1.06 billion, a P/E ratio of 4.21, a PEG ratio of 0.24 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.13) by $0.11. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.69 billion. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. Canadian Solar's quarterly revenue was down 13.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.11 earnings per share. Equities analysts predict that Canadian Solar Inc. will post 2.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Adirondack Trust Co. boosted its stake in Canadian Solar by 200.0% in the third quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider's stock valued at $37,000 after acquiring an additional 1,000 shares during the last quarter. USCF Advisers LLC increased its holdings in shares of Canadian Solar by 87.5% in the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider's stock worth $39,000 after acquiring an additional 700 shares in the last quarter. Assetmark Inc. raised its position in shares of Canadian Solar by 71.2% during the third quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider's stock worth $59,000 after purchasing an additional 993 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Canadian Solar in the 3rd quarter valued at approximately $93,000. Finally, Private Advisor Group LLC bought a new stake in Canadian Solar during the 4th quarter worth approximately $201,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile

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.