Canadian Solar (NASDAQ:CSIQ) Stock Price Up 5.5% – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ) shares shot up 5.5% during mid-day trading on Tuesday . The stock traded as high as $10.49 and last traded at $10.25. 1,157,454 shares traded hands during trading, a decline of 36% from the average session volume of 1,821,010 shares. The stock had previously closed at $9.71.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wells Fargo & Company lowered their target price on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Mizuho assumed coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Finally, The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th. Five investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.04.

Canadian Solar Stock Performance

The company has a market capitalization of $645.71 million, a price-to-earnings ratio of -81.33, a P/E/G ratio of 0.74 and a beta of 1.34. The firm’s 50 day simple moving average is $10.39 and its 200-day simple moving average is $12.11. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds have recently bought and sold shares of CSIQ. Prospera Financial Services Inc bought a new stake in Canadian Solar in the 3rd quarter valued at $333,000. Charles Schwab Investment Management Inc. boosted its stake in Canadian Solar by 101.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock valued at $1,902,000 after buying an additional 57,246 shares in the last quarter. Cerity Partners LLC increased its position in shares of Canadian Solar by 131.5% during the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Canadian Solar by 20.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Canadian Solar in the third quarter valued at about $1,109,000. 52.36% of the stock is owned by institutional investors and hedge funds.

About Canadian Solar

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.