Canadian Solar (NASDAQ:CSIQ) Shares Gap Up – Here’s Why

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price gapped up prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CSIQ. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Citigroup restated a “sell” rating and set a $11.00 price target on shares of Canadian Solar in a research report on Tuesday, October 21st. Mizuho reaffirmed an “underperform” rating and issued a $21.00 price objective (up previously from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. UBS Group boosted their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Finally, The Goldman Sachs Group increased their target price on shares of Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a research report 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, Canadian Solar presently has a consensus rating of “Reduce” and an average target price of $19.85.

Canadian Solar Stock Up 4.6%

The company has a market capitalization of $1.50 billion, a PE ratio of -62.30 and a beta of 1.26. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The stock’s 50 day moving average is $23.72 and its 200 day moving average is $17.70.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data 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. 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 period in the previous year, the business earned ($0.31) EPS. Canadian Solar’s revenue was down 1.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Institutional Trading of Canadian Solar

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp boosted its stake 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 worth $64,969,000 after purchasing an additional 405,800 shares during the period. Invesco Ltd. increased its position in shares of Canadian Solar by 19.3% during the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after buying an additional 356,625 shares during the period. Legal & General Group Plc lifted its holdings in shares of Canadian Solar by 13.0% in the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after buying an additional 236,115 shares in the last quarter. Polunin Capital Partners Ltd bought a new position in shares of Canadian Solar in the fourth quarter valued at approximately $43,692,000. Finally, Two Sigma Investments LP bought a new position in shares of Canadian Solar in the third quarter valued at approximately $11,544,000. 52.36% of the stock is currently owned by 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.