Canadian Solar (NASDAQ:CSIQ) Shares Gap Up After Analyst Upgrade

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price gapped up before the market opened on Tuesday after Mizuho upgraded the stock from an underperform rating to a neutral rating. The stock had previously closed at $18.04, but opened at $18.95. Mizuho now has a $19.00 price target on the stock, down from their previous price target of $21.00. Canadian Solar shares last traded at $18.9820, with a volume of 678,845 shares changing hands.

CSIQ has been the subject of several other reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Daiwa Securities Group raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research note on Tuesday, December 2nd. Roth Mkm raised their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. Finally, UBS Group lifted their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $19.63.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SG Americas Securities LLC increased its position in shares of 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 valued at $3,081,000 after purchasing an additional 204,623 shares during the last quarter. Inceptionr LLC purchased a new stake in Canadian Solar during the 2nd quarter valued at $152,000. Mackenzie Financial Corp lifted its position in 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 last quarter. Legal & General Group Plc lifted its position in 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 buying an additional 324,254 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in Canadian Solar during the third quarter worth $1,640,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Price Performance

The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $1.23 billion, a PE ratio of -51.08 and a beta of 1.31. The firm’s 50 day simple moving average is $19.74 and its 200 day simple moving average is $19.62.

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.