Canadian Solar (NASDAQ:CSIQ) Trading Up 10.2% – Still a Buy?

Canadian Solar Inc. (NASDAQ:CSIQ) traded up 10.2% on Monday . The stock traded as high as $13.24 and last traded at $13.12. 1,427,567 shares traded hands during mid-day trading, a decline of 17% from the average session volume of 1,721,201 shares. The stock had previously closed at $11.91.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. The Goldman Sachs Group reduced their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research report on Monday, August 26th. Oppenheimer reduced their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. Jefferies Financial Group initiated coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price for the company. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Finally, Roth Mkm reduced their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $19.94.

Canadian Solar Stock Up 2.7 %

The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53. The company has a fifty day moving average price of $13.70 and a 200-day moving average price of $14.91. The stock has a market capitalization of $844.20 million, a P/E ratio of 25.12, a PEG ratio of 4.27 and a beta of 1.34.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC grew its stake in shares of Canadian Solar by 37.1% during the third quarter. Sanctuary Advisors LLC now owns 31,029 shares of the solar energy provider’s stock valued at $520,000 after buying an additional 8,404 shares during the last quarter. Barclays PLC grew its stake in shares of Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after buying an additional 95,924 shares during the last quarter. State Street Corp grew its stake in shares of Canadian Solar by 5.6% during the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock valued at $8,159,000 after buying an additional 25,901 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Canadian Solar by 1.4% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock valued at $1,847,000 after buying an additional 1,522 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Canadian Solar during the third quarter valued at approximately $1,109,000. Institutional investors own 52.36% of the company’s stock.

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.