Canadian Solar Inc. (CSIQ) Trading 4.1% Higher
Shares of Canadian Solar Inc. (NASDAQ:CSIQ) traded up 4.1% on Monday . The company traded as high as $15.68 and last traded at $15.65, with a volume of 1,012,721 shares. The stock had previously closed at $15.03.
A number of analysts recently weighed in on the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $30.00 price objective (down from $35.00) on shares of Canadian Solar in a research note on Saturday, March 19th. FBR & Co reaffirmed a “buy” rating on shares of Canadian Solar in a research note on Thursday, May 12th. Zacks Investment Research lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Friday, July 8th. Northland Securities started coverage on shares of Canadian Solar in a research report on Wednesday, March 16th. They set an “outperform” rating and a $36.00 price target for the company. Finally, Roth Capital reissued a “buy” rating and set a $28.00 price target on shares of Canadian Solar in a research report on Sunday, May 15th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Canadian Solar has a consensus rating of “Buy” and an average target price of $29.16.
The firm has a market cap of $876.28 million and a P/E ratio of 6.72. The firm has a 50-day moving average of $16.49 and a 200 day moving average of $18.98.
Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Wednesday, May 11th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.25. The firm earned $721.40 million during the quarter, compared to analyst estimates of $663.74 million. The business’s revenue was down 16.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. Analysts expect that Canadian Solar Inc. will post $2.36 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in CSIQ. BNP Paribas Arbitrage SA increased its position in Canadian Solar by 1.6% in the fourth quarter. BNP Paribas Arbitrage SA now owns 75,036 shares of the company’s stock valued at $2,173,000 after buying an additional 1,156 shares in the last quarter. Globeflex Capital L P purchased a new position in Canadian Solar during the fourth quarter valued at $17,330,000. Deere & Co. purchased a new position in Canadian Solar during the fourth quarter valued at $1,913,000. Morgan Stanley increased its position in Canadian Solar by 214.9% in the fourth quarter. Morgan Stanley now owns 523,185 shares of the company’s stock valued at $15,152,000 after buying an additional 357,042 shares in the last quarter. Finally, GSA Capital Partners LLP increased its position in Canadian Solar by 378.0% in the fourth quarter. GSA Capital Partners LLP now owns 211,428 shares of the company’s stock valued at $6,123,000 after buying an additional 167,194 shares in the last quarter.
Canadian Solar Inc is a solar power company, which designs, develops and manufactures solar wafers, solar cells and solar power products. The Company’s solar power products include standard solar modules and specialty solar products. It has two segments: module segment and energy segment. The Company’s module segment primarily involves design, development, manufacture and sales of solar power products and solar system kits.
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