Canadian Solar (NASDAQ:CSIQ) Shares Up 11.1% Following Analyst Upgrade

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price traded up 11.1% during trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $9.00 to $10.00. The Goldman Sachs Group currently has a sell rating on the stock. Canadian Solar traded as high as $15.57 and last traded at $15.88. 1,006,747 shares changed hands during trading, a decline of 40% from the average session volume of 1,688,166 shares. The stock had previously closed at $14.29.

A number of other equities analysts also recently issued reports on the company. Zacks Research upgraded Canadian Solar from a “strong sell” rating to a “hold” rating in a research report on Friday, September 19th. Wells Fargo & Company lowered their price target on Canadian Solar from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. increased their price target on Canadian Solar from $7.00 to $8.00 and gave the stock an “underweight” rating in a research report on Friday, September 19th. Mizuho lowered their price target on Canadian Solar from $17.00 to $15.00 and set an “outperform” rating on the stock in a research report on Friday, August 22nd. Finally, Citigroup lowered their price target on Canadian Solar from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, August 21st. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $11.77.

Hedge Funds Weigh In On Canadian Solar

Several hedge funds and other institutional investors have recently made changes to their positions in CSIQ. Raymond James Financial Inc. purchased a new position in shares of Canadian Solar in the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd purchased a new position in Canadian Solar during the first quarter worth approximately $39,000. Summit Securities Group LLC lifted its position in Canadian Solar by 598.5% during the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider’s stock worth $61,000 after buying an additional 6,015 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Canadian Solar by 38.6% during the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after buying an additional 2,254 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Canadian Solar by 141.9% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock worth $100,000 after buying an additional 5,338 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Performance

The stock has a market cap of $1.07 billion, a PE ratio of -26.62 and a beta of 1.28. The company has a quick ratio of 0.87, a current ratio of 1.09 and a debt-to-equity ratio of 0.98. The stock has a 50-day moving average of $12.03 and a 200 day moving average of $10.91.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 21st. The solar energy provider reported ($0.53) EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($1.29). Canadian Solar had a negative return on equity of 4.97% and a negative net margin of 0.12%.The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same quarter in the previous year, the business posted $0.02 EPS. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Equities analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.