Canadian Solar (CSIQ) Shares Gap Up to $17.25
Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $16.38, but opened at $17.25. Canadian Solar shares last traded at $17.79, with a volume of 4828500 shares changing hands.
A number of brokerages have recently issued reports on CSIQ. B. Riley restated a “neutral” rating on shares of Canadian Solar in a research note on Wednesday, November 1st. Axiom Securities set a $26.00 target price on shares of Canadian Solar and gave the stock a “buy” rating in a report on Wednesday, November 15th. Cowen set a $18.00 target price on shares of Canadian Solar and gave the stock a “hold” rating in a report on Monday. Barclays lowered shares of Canadian Solar from an “equal weight” rating to an “underweight” rating and upped their target price for the stock from $12.00 to $14.00 in a report on Monday, August 21st. Finally, J P Morgan Chase & Co lowered shares of Canadian Solar from a “neutral” rating to an “underweight” rating and set a $15.00 target price on the stock. in a report on Tuesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $19.71.
The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.45. The company has a market cap of $1,033.04, a price-to-earnings ratio of 84.81, a price-to-earnings-growth ratio of 0.71 and a beta of 3.08.
Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, November 9th. The solar energy provider reported $0.22 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.22. Canadian Solar had a net margin of 0.84% and a return on equity of 1.32%. The business had revenue of $912.20 million for the quarter, compared to analyst estimates of $812.37 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The firm’s quarterly revenue was up 38.8% compared to the same quarter last year. equities research analysts forecast that Canadian Solar Inc. will post 0.97 EPS for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Quentec Asset Management LLC grew its holdings in Canadian Solar by 1.9% during the 3rd quarter. Quentec Asset Management LLC now owns 2,755,665 shares of the solar energy provider’s stock worth $46,405,000 after acquiring an additional 52,412 shares during the last quarter. J&P China Capital Management CO. Ltd. bought a new stake in Canadian Solar during the 3rd quarter worth about $11,792,000. Calamos Advisors LLC grew its holdings in Canadian Solar by 45.2% during the 3rd quarter. Calamos Advisors LLC now owns 408,073 shares of the solar energy provider’s stock worth $6,872,000 after acquiring an additional 127,073 shares during the last quarter. Delta Lloyd Asset Management N.V. bought a new stake in Canadian Solar during the 2nd quarter worth about $3,662,000. Finally, Quantitative Investment Management LLC bought a new stake in Canadian Solar during the 2nd quarter worth about $2,803,000. 42.52% of the stock is currently owned by institutional investors and hedge funds.
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About Canadian Solar
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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