Canadian Solar (NASDAQ:CSIQ) Stock Price Up 7.6% – Time to Buy?

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price shot up 7.6% during mid-day trading on Tuesday . The company traded as high as $15.83 and last traded at $15.8860. 518,473 shares were traded during trading, a decline of 82% from the average daily volume of 2,958,165 shares. The stock had previously closed at $14.76.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of several recent research reports. Oppenheimer lowered their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. Freedom Capital downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Wells Fargo & Company reduced their target price on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $18.66.

Canadian Solar Stock Down 2.3%

The firm has a market cap of $1.06 billion, a PE ratio of -6.21 and a beta of 1.51. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The firm has a 50 day moving average price of $16.88 and a 200-day moving average price of $18.22.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $950.43 million. During the same quarter last year, the company earned ($1.07) earnings per share. The firm’s revenue was down 9.9% compared to the same quarter last year. Research analysts forecast that Canadian Solar Inc. will post -1.81 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The SEC filing for this sale provides additional information. Corporate insiders own 21.50% of the company’s stock.

Institutional Trading of Canadian Solar

A number of hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after acquiring an additional 312 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Canadian Solar during the 4th quarter worth about $48,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Canadian Solar by 43.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider’s stock worth $164,000 after purchasing an additional 2,084 shares during the last quarter. LPL Financial LLC lifted its stake in Canadian Solar by 16.7% during the fourth quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock worth $369,000 after purchasing an additional 2,219 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after purchasing an additional 2,254 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.