Canadian Solar (NASDAQ:CSIQ) Stock Price Crosses Above 200 Day Moving Average – Should You Sell?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $18.66 and traded as high as $19.89. Canadian Solar shares last traded at $19.82, with a volume of 1,276,017 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on CSIQ shares. Roth Mkm upped their target price on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. Mizuho reaffirmed an “underperform” rating and issued a $21.00 price objective (up from $15.00) on shares of Canadian Solar in a report on Wednesday, November 19th. Jefferies Financial Group reissued a “hold” rating and set a $19.64 target price (up previously from $13.70) on shares of Canadian Solar in a report on Monday, November 3rd. JPMorgan Chase & Co. upped their price target on shares of Canadian Solar from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, Canadian Solar presently has a consensus rating of “Reduce” and an average target price of $19.85.

Canadian Solar Trading Up 4.0%

The firm’s fifty day simple moving average is $21.96 and its 200 day simple moving average is $18.66. The stock has a market capitalization of $1.33 billion, a P/E ratio of -55.05 and a beta of 1.28. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07.

Institutional Investors Weigh In On Canadian Solar

A number of large investors have recently modified their holdings of CSIQ. SG Americas Securities LLC increased its position in Canadian Solar by 646.2% during the 3rd quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock worth $3,081,000 after purchasing an additional 204,623 shares in the last quarter. Inceptionr LLC bought a new stake in shares of Canadian Solar during the second quarter worth $152,000. Mackenzie Financial Corp grew its stake in shares of Canadian Solar by 7.4% during 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 last quarter. Legal & General Group Plc increased its holdings in shares of Canadian Solar by 21.7% during 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 buying an additional 324,254 shares in the last quarter. Finally, Bryn Mawr Trust Advisors LLC lifted its stake in shares of Canadian Solar by 12.6% in the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 24,650 shares of the solar energy provider’s stock valued at $272,000 after acquiring an additional 2,750 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

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.