Canadian Solar (NASDAQ:CSIQ) Shares Gap Up – Still a Buy?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $21.45, but opened at $23.10. Canadian Solar shares last traded at $22.83, with a volume of 1,400,491 shares.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Roth Mkm upped their price target on shares of Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Jefferies Financial Group reissued a “hold” rating and issued a $19.64 price objective (up from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd. Wall Street Zen raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Mizuho reaffirmed an “underperform” rating and set a $21.00 target price (up previously from $15.00) on shares of Canadian Solar in a report on Wednesday, November 19th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $19.85.

Canadian Solar Price Performance

The stock has a 50-day simple moving average of $23.94 and a 200 day simple moving average of $17.60. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93. The company has a market cap of $1.55 billion, a PE ratio of -64.25 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, beating the consensus estimate of ($1.08) by $0.50. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the firm posted ($0.31) earnings per share. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. Equities analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Goldman Sachs Group Inc. grew its position in shares of Canadian Solar by 20.1% during the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after buying an additional 92,002 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in Canadian Solar during the 2nd quarter worth approximately $143,000. Bryn Mawr Trust Advisors LLC grew its holdings in Canadian Solar by 12.6% during the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 24,650 shares of the solar energy provider’s stock worth $272,000 after acquiring an additional 2,750 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Canadian Solar by 9.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 40,977 shares of the solar energy provider’s stock valued at $452,000 after purchasing an additional 3,627 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Canadian Solar by 67.4% in the 2nd quarter. SG Americas Securities LLC now owns 31,666 shares of the solar energy provider’s stock valued at $350,000 after purchasing an additional 12,745 shares in the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.