Canadian Solar Inc. (CSIQ) Sees Strong Trading Volume
Shares of Canadian Solar Inc. (NASDAQ:CSIQ) saw an uptick in trading volume on Thursday . 2,145,002 shares were traded during trading, an increase of 16% from the previous session’s volume of 1,849,299 shares.The stock last traded at $14.98 and had previously closed at $15.24.
Several brokerages recently issued reports on CSIQ. Northland Securities began coverage on Canadian Solar in a report on Wednesday, March 16th. They set an “outperform” rating and a $36.00 price target for the company. Zacks Investment Research downgraded Canadian Solar from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 10th. FBR & Co restated a “buy” rating and issued a $32.00 price objective on shares of Canadian Solar in a research note on Monday, June 27th. Cowen and Company reduced their price objective on Canadian Solar from $35.00 to $28.50 and set an “outperform” rating for the company in a research note on Wednesday, March 16th. Finally, Canaccord Genuity restated a “buy” rating and issued a $30.00 price objective (down previously from $35.00) on shares of Canadian Solar in a research note on Saturday, March 19th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $29.16.
The stock has a 50 day moving average price of $16.24 and a 200 day moving average price of $18.93. The company has a market cap of $851.24 million and a price-to-earnings ratio of 6.53.
Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Wednesday, May 11th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.25. During the same quarter in the previous year, the firm posted $1.04 EPS. The company had revenue of $721.40 million for the quarter, compared to analysts’ expectations of $663.74 million. The firm’s quarterly revenue was down 16.2% compared to the same quarter last year. Equities analysts expect that Canadian Solar Inc. will post $2.36 earnings per share for the current fiscal year.
Several hedge funds have bought and sold shares of CSIQ. Deere & Co. acquired a new stake in Canadian Solar during the fourth quarter worth approximately $1,913,000. Oceanic Investment Management LTD raised its stake in Canadian Solar by 171.4% in the fourth quarter. Oceanic Investment Management LTD now owns 1,595,693 shares of the company’s stock worth $46,211,000 after buying an additional 1,007,700 shares during the last quarter. GSA Capital Partners LLP raised its stake in Canadian Solar by 378.0% in the fourth quarter. GSA Capital Partners LLP now owns 211,428 shares of the company’s stock worth $6,123,000 after buying an additional 167,194 shares during the last quarter. GAM Holding AG raised its stake in Canadian Solar by 42.3% in the fourth quarter. GAM Holding AG now owns 123,650 shares of the company’s stock worth $3,581,000 after buying an additional 36,760 shares during the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in Canadian Solar by 1.6% in the fourth quarter. BNP Paribas Arbitrage SA now owns 75,036 shares of the company’s stock worth $2,173,000 after buying an additional 1,156 shares during 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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