Canadian Solar Inc. (CSIQ) Trading 4.1% Higher
Canadian Solar Inc. (NASDAQ:CSIQ) traded up 4.1% during trading on Monday . The stock traded as high as $15.68 and last traded at $15.65, with a volume of 1,012,721 shares changing hands. The stock had previously closed at $15.03.
Several equities research analysts have recently commented on the stock. Canaccord Genuity restated a “buy” rating and issued a $30.00 target price (down previously from $35.00) on shares of Canadian Solar in a research note on Saturday, March 19th. FBR & Co restated a “buy” rating on shares of Canadian Solar in a research note on Thursday, May 12th. Zacks Investment Research downgraded shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Friday. Northland Securities initiated 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 on the stock. Finally, Roth Capital reiterated a “buy” rating and set a $28.00 price target on shares of Canadian Solar in a research report on Sunday, May 15th. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $29.16.
The stock’s 50-day moving average price is $16.64 and its 200-day moving average price is $19.24. The firm has a market cap of $891.64 million and a P/E ratio of 6.84.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Wednesday, May 11th. The company reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.14 by $0.25. The company earned $721.40 million during the quarter, compared to the consensus estimate of $663.74 million. The firm’s revenue for the quarter was down 16.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.04 EPS. Analysts anticipate that Canadian Solar Inc. will post $2.36 earnings per share for the current year.
Several hedge funds and institutional investors recently modified their holdings of CSIQ. Russell Frank Co boosted its position in shares of Canadian Solar by 26.7% in the fourth quarter. Russell Frank Co now owns 64,652 shares of the company’s stock worth $1,852,000 after buying an additional 13,642 shares during the last quarter. Deere & Co. bought a new position in shares of Canadian Solar during the fourth quarter worth approximately $1,913,000. BNP Paribas Arbitrage SA boosted its position in shares of 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. GAM Holding AG boosted its position in shares of 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, California Public Employees Retirement System boosted its position in shares of Canadian Solar by 0.3% in the fourth quarter. California Public Employees Retirement System now owns 181,200 shares of the company’s stock worth $5,248,000 after buying an additional 500 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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