Canadian Solar (NASDAQ:CSIQ) Share Price Passes Above Two Hundred Day Moving Average – Time to Sell?

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $14.98 and traded as high as $23.73. Canadian Solar shares last traded at $23.05, with a volume of 2,595,920 shares.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CSIQ. The Goldman Sachs Group boosted their price target on shares of Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a report on Wednesday, October 8th. Daiwa Capital Markets upgraded shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Tuesday, December 2nd. Jefferies Financial Group reissued a “hold” rating and issued a $19.64 target price (up previously from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd. Zacks Research raised shares of Canadian Solar from a “strong sell” rating to a “hold” rating in a research report on Friday, September 19th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Price Performance

The stock has a fifty day moving average of $21.21 and a 200-day moving average of $14.98. The firm has a market capitalization of $1.54 billion, a P/E ratio of -64.03 and a beta of 1.29. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share 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 firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the company posted ($0.31) EPS. The company’s quarterly revenue was down 1.3% compared to the same quarter last year. Equities analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp boosted its position in Canadian Solar by 7.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after buying an additional 405,800 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Canadian Solar by 15.5% during the first quarter. Invesco Ltd. now owns 2,311,596 shares of the solar energy provider’s stock valued at $19,995,000 after acquiring an additional 310,564 shares during the period. Legal & General Group Plc lifted its stake in shares of Canadian Solar by 13.0% during the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock valued at $26,741,000 after acquiring an additional 236,115 shares during the period. Shah Capital Management boosted its holdings in Canadian Solar by 9.2% in the first quarter. Shah Capital Management now owns 1,906,285 shares of the solar energy provider’s stock valued at $16,489,000 after acquiring an additional 160,739 shares during the last quarter. Finally, Greenwoods Asset Management Hong Kong Ltd. increased its position in Canadian Solar by 60.4% in the first quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,115,861 shares of the solar energy provider’s stock worth $9,652,000 after purchasing an additional 420,000 shares during the period. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.