Canadian Solar Inc. (CSIQ) Trading 5.6% Higher
Canadian Solar Inc. (NASDAQ:CSIQ)’s share price traded up 5.6% on Monday . The stock traded as high as $15.46 and last traded at $14.99, with a volume of 3,834,780 shares trading hands. The stock had previously closed at $14.20.
Several equities analysts recently weighed in on the stock. Zacks Investment Research cut shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 10th. FBR & Co reiterated a “buy” rating and set a $32.00 price objective on shares of Canadian Solar in a report on Monday, June 27th. Vetr downgraded shares of Canadian Solar from a “strong-buy” rating to a “buy” rating and set a $19.06 target price on the stock. in a research report on Wednesday, May 11th. Canaccord Genuity reissued a “buy” rating and set a $29.00 target price on shares of Canadian Solar in a research report on Wednesday, June 29th. Finally, Barclays PLC began coverage on shares of Canadian Solar in a research report on Monday, April 4th. They set an “overweight” rating and a $24.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $29.16.
The company has a market capitalization of $840.43 million and a P/E ratio of 6.45. The firm has a 50-day moving average price of $15.14 and a 200-day moving average price of $18.02.
Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Wednesday, May 11th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.14 by $0.25. The business earned $721.40 million during 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. During the same quarter last year, the firm earned $1.04 EPS. On average, equities analysts predict that Canadian Solar Inc. will post $2.02 EPS for the current fiscal year.
A number of institutional investors recently added to or reduced their stakes in CSIQ. Russell Frank Co raised its position in Canadian Solar by 26.7% in the fourth quarter. Russell Frank Co now owns 64,652 shares of the company’s stock valued at $1,852,000 after buying an additional 13,642 shares during the period. California Public Employees Retirement System raised 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. Morgan Stanley raised its position in shares of 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 during the last quarter. Deere & Co. acquired a new position in shares of Canadian Solar during the fourth quarter worth about $1,913,000. Finally, Globeflex Capital L P acquired a new position in shares of Canadian Solar during the fourth quarter worth about $17,330,000.
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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