Canadian Solar Inc. (CSIQ) Sees Strong Trading Volume
Shares of Canadian Solar Inc. (NASDAQ:CSIQ) saw strong trading volume on Thursday . 2,145,002 shares were traded during mid-day 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 equities analysts have recently issued reports on the company. Canaccord Genuity reiterated a “buy” rating and issued a $30.00 price target (down previously from $35.00) on shares of Canadian Solar in a research note on Saturday, March 19th. FBR & Co reissued a “buy” rating on shares of Canadian Solar in a report on Thursday, May 12th. Zacks Investment Research downgraded Canadian Solar from a “buy” rating to a “hold” rating in a report on Friday, July 8th. Roth Capital reissued a “buy” rating and set a $28.00 price objective on shares of Canadian Solar in a report on Sunday, May 15th. Finally, Vetr downgraded Canadian Solar from a “strong-buy” rating to a “buy” rating and set a $19.06 price objective on the stock. in a report on Wednesday, May 11th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Canadian Solar currently has a consensus rating of “Buy” and a consensus target price of $29.16.
The stock’s 50-day moving average price is $16.11 and its 200 day moving average price is $18.82. The firm has a market cap of $828.48 million and a P/E ratio of 6.36.
Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Wednesday, May 11th. The company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.14 by $0.25. The firm earned $721.40 million during the quarter, compared to the consensus estimate of $663.74 million. During the same period in the prior year, the company earned $1.04 EPS. The firm’s revenue was down 16.2% compared to the same quarter last year. On average, analysts predict that Canadian Solar Inc. will post $2.43 earnings per share for the current fiscal year.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. Globeflex Capital L P purchased a new position in Canadian Solar during the fourth quarter worth approximately $17,330,000. Morgan Stanley boosted its position in Canadian Solar by 214.9% in the fourth quarter. Morgan Stanley now owns 523,185 shares of the company’s stock worth $15,152,000 after buying an additional 357,042 shares in the last quarter. GSA Capital Partners LLP boosted 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 worth $6,123,000 after buying an additional 167,194 shares in the last quarter. Deere & Co. purchased a new position in Canadian Solar during the fourth quarter worth approximately $1,913,000. Finally, GAM Holding AG boosted its position 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 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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