Canadian Solar (NASDAQ:CSIQ) Trading 7.6% Higher – Time to Buy?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) traded up 7.6% during mid-day trading on Tuesday . The stock traded as high as $15.83 and last traded at $15.8860. 518,473 shares traded hands during trading, a decline of 82% from the average session volume of 2,958,165 shares. The stock had previously closed at $14.76.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Oppenheimer dropped their target price on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. Wells Fargo & Company lowered their price target on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, April 8th. Mizuho increased their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, June 15th. Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $18.66.

Canadian Solar Stock Performance

The stock has a market cap of $1.06 billion, a PE ratio of -6.21 and a beta of 1.49. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The stock has a 50-day simple moving average of $16.78 and a 200-day simple moving average of $18.35.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. During the same period in the previous year, the company posted ($1.07) EPS. The company’s revenue was down 9.9% compared to the same quarter last year. Equities analysts predict that Canadian Solar Inc. will post -1.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The SEC filing for this sale provides additional information. Insiders own 21.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. boosted its position in shares of Canadian Solar by 19.3% in the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock worth $28,696,000 after buying an additional 356,625 shares during the period. Legal & General Group Plc raised its holdings in shares of Canadian Solar by 13.0% during the 3rd quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock valued at $26,741,000 after buying an additional 236,115 shares during the period. Polunin Capital Partners Ltd purchased a new stake in shares of Canadian Solar during the 4th quarter valued at about $43,692,000. Bank of America Corp DE lifted its position in Canadian Solar by 292.7% during the 1st quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock worth $14,840,000 after acquiring an additional 798,610 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new position in Canadian Solar in the 3rd quarter worth approximately $11,544,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.