Canadian Solar (NASDAQ:CSIQ) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $17.55 and traded as high as $21.53. Canadian Solar shares last traded at $20.51, with a volume of 3,164,651 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a research note on Friday, November 14th. Jefferies Financial Group reiterated a “hold” rating and set a $19.64 price target (up from $13.70) on shares of Canadian Solar in a research report on Monday, November 3rd. Daiwa Capital Markets upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a research report on Tuesday, December 2nd. Citigroup restated a “sell” rating and set a $11.00 price objective on shares of Canadian Solar in a research note on Tuesday, October 21st. Finally, The Goldman Sachs Group raised their target price on Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $19.85.

Canadian Solar Price Performance

The company has a 50 day moving average of $24.24 and a two-hundred day moving average of $17.55. The firm has a market cap of $1.37 billion, a P/E ratio of -56.97 and a beta of 1.26. 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 issued its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.37 billion. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. Canadian Solar’s revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.31) EPS. Sell-side analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC boosted its position in shares of Canadian Solar by 646.2% in the 3rd quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock valued at $3,081,000 after purchasing an additional 204,623 shares during the period. Inceptionr LLC purchased a new stake in Canadian Solar during the second quarter valued at about $152,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Canadian Solar in the second quarter worth about $382,000. Mackenzie Financial Corp boosted its holdings in shares of Canadian Solar by 7.4% in the second quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after buying an additional 405,800 shares during the period. Finally, Legal & General Group Plc increased its position in shares of Canadian Solar by 21.7% in the second quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock worth $20,039,000 after acquiring an additional 324,254 shares in the last quarter. Institutional investors own 52.36% of the company’s stock.

About Canadian Solar

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.