Canadian Solar (NASDAQ:CSIQ) Stock Price Up 9.5% – Still a Buy?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) traded up 9.5% during mid-day trading on Friday . The company traded as high as $13.45 and last traded at $13.37. 737,017 shares changed hands during trading, a decline of 54% from the average session volume of 1,616,904 shares. The stock had previously closed at $12.21.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of a number of research analyst reports. The Goldman Sachs Group dropped their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, August 26th. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the company from $19.00 to $11.00 in a report on Tuesday. JPMorgan Chase & Co. raised their price objective on Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Finally, Glj Research raised their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research report on Tuesday, July 30th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $22.03.

Canadian Solar Stock Up 12.2 %

The stock has a fifty day moving average of $13.80 and a 200-day moving average of $15.43. The firm has a market capitalization of $906.38 million, a price-to-earnings ratio of 4.65, a PEG ratio of 4.92 and a beta of 1.31. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The company’s revenue for the quarter was down 30.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.39 EPS. As a group, sell-side analysts expect that Canadian Solar Inc. will post 0.12 EPS for the current year.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp lifted its stake in shares of Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares during the last quarter. DNB Asset Management AS grew its position in shares of Canadian Solar by 31.4% in the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock valued at $13,083,000 after purchasing an additional 211,820 shares during the last quarter. Robotti Robert increased its stake in shares of Canadian Solar by 92.5% in the first quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock worth $6,234,000 after purchasing an additional 151,610 shares during the period. SIR Capital Management L.P. acquired a new position in shares of Canadian Solar during the 2nd quarter worth about $3,994,000. Finally, D. Scott Neal Inc. bought a new stake in Canadian Solar in the 2nd quarter valued at $3,898,000. 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.