Canadian Solar Inc. (CSIQ) Trading Up 3.5%
Canadian Solar Inc. (NASDAQ:CSIQ) was up 3.5% on Wednesday . The stock traded as high as $14.98 and last traded at $14.91, with a volume of 1,359,895 shares trading hands. The stock had previously closed at $14.41.
Several equities research analysts have recently weighed in on CSIQ shares. 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 issued a $28.00 price objective on shares of Canadian Solar in a report on Sunday, May 15th. Barclays PLC started coverage on Canadian Solar in a report on Monday, April 4th. They issued an “overweight” rating and a $24.00 price objective for the company. Canaccord Genuity reissued a “buy” rating and issued a $29.00 price objective (down from $30.00) on shares of Canadian Solar in a report on Saturday, May 14th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $28.00 price objective on shares of Canadian Solar in a report on Tuesday, March 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $29.16.
The firm has a market capitalization of $831.89 million and a P/E ratio of 6.38. The company’s 50 day moving average price is $15.72 and its 200-day moving average price is $18.48.
Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Wednesday, May 11th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.25. The business had revenue of $721.40 million for the quarter, compared to analysts’ expectations of $663.74 million. During the same quarter in the prior year, the firm earned $1.04 earnings per share. Canadian Solar’s revenue for the quarter was down 16.2% compared to the same quarter last year. On average, analysts expect that Canadian Solar Inc. will post $2.14 EPS for the current year.
Several large investors have recently modified their holdings of the stock. Russell Frank Co increased its stake 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 period. Deere & Co. purchased a new stake in shares of Canadian Solar during the fourth quarter worth $1,913,000. BNP Paribas Arbitrage SA increased its stake 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 period. GAM Holding AG increased its stake 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 period. Finally, California Public Employees Retirement System increased its stake 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 period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.