Canadian Solar Sees Unusually High Options Volume (NASDAQ:CSIQ)

Key Points

• Unusually high bearish options activity: Traders purchased 6,034 put options in Canadian Solar, 42% above the average daily volume of 4,253.
• Analyst sentiment remains cautious: Canadian Solar has a consensus “Hold” rating and an average price target of $18.52, with three Buy, six Hold, and three Sell ratings.
• Shares and earnings weakened: CSIQ traded at $11.15, near its one-year low, after reporting a quarterly loss of $1.40 per share and a 28.7% year-over-year revenue decline.

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) was the target of some unusual options trading on Monday. Stock traders purchased 6,034 put options on the company. This represents an increase of 42% compared to the average daily volume of 4,253 put options.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CSIQ shares. Glj Research reissued a "sell" rating and issued a $5.58 price objective on shares of Canadian Solar in a report on Thursday, August 27th. Weiss Ratings cut shares of Canadian Solar from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 27th. Citigroup decreased their price target on shares of Canadian Solar from $18.00 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, August 27th. Roth Capital set a $15.00 price target on shares of Canadian Solar in a research note on Friday, August 28th. Finally, Mizuho cut their price objective on shares of Canadian Solar from $18.00 to $17.00 and set a "neutral" rating for the company in a research report on Friday, August 28th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Canadian Solar presently has a consensus rating of "Hold" and an average price target of $18.52.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new stake in Canadian Solar during the second quarter valued at approximately $25,000. Optiver Holding B.V. purchased a new position in shares of Canadian Solar in the 1st quarter worth approximately $44,000. Public Employees Retirement System of Ohio purchased a new position in shares of Canadian Solar in the 2nd quarter worth approximately $59,000. Taikang Asset Management Hong Kong Co Ltd bought a new position in shares of Canadian Solar during the 4th quarter valued at approximately $69,000. Finally, Global Retirement Partners LLC bought a new position in shares of Canadian Solar during the 2nd quarter valued at approximately $96,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

Shares of CSIQ stock traded down $0.23 during trading hours on Monday, hitting $11.15. The stock had a trading volume of 479,353 shares, compared to its average volume of 2,597,797. Canadian Solar has a one year low of $10.34 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The stock's 50-day moving average price is $13.21 and its two-hundred day moving average price is $14.73. The stock has a market capitalization of $757.05 million, a price-to-earnings ratio of -2.90 and a beta of 1.53.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing analysts' consensus estimates of ($0.18) by ($1.22). The firm had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. Canadian Solar's quarterly revenue was down 28.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.53) earnings per share. Equities analysts forecast that Canadian Solar will post -2.93 EPS for the current year.

Canadian Solar Company Profile

Canadian Solar Inc NASDAQ: CSIQ is a global renewable-energy company that designs, manufactures and sells solar photovoltaic modules and system solutions. Its product portfolio includes solar modules, inverters, battery-storage systems and other equipment used in residential, commercial, industrial and utility-scale renewable-energy installations.

The company also develops, builds and operates solar-power and energy-storage projects through its Recurrent Energy business. These activities include project development, engineering, procurement and construction, as well as the ownership and sale of electricity-generating assets.

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