Canadian Solar (NASDAQ:CSIQ) Shares Up 8.8%

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price shot up 8.8% on Tuesday . The company traded as high as $14.41 and last traded at $14.36. 492,822 shares traded hands during trading, a decline of 68% from the average session volume of 1,527,621 shares. The stock had previously closed at $13.20.

Analyst Ratings Changes

A number of research firms have weighed in on CSIQ. Glj Research increased their price objective on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research report on Tuesday, July 30th. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. Roth Mkm reissued a “buy” rating and set a $25.00 target price on shares of Canadian Solar in a research note on Wednesday, May 22nd. Finally, UBS Group cut their target price on Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Canadian Solar currently has an average rating of “Hold” and an average target price of $27.03.

Canadian Solar Stock Up 3.8 %

The stock has a market capitalization of $973.20 million, a PE ratio of 5.11, a P/E/G ratio of 0.30 and a beta of 1.29. The firm has a 50 day moving average of $15.79 and a two-hundred day moving average of $17.84. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.53.

Hedge Funds Weigh In On Canadian Solar

Hedge funds have recently bought and sold shares of the company. DekaBank Deutsche Girozentrale raised its holdings in shares of Canadian Solar by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock worth $326,000 after acquiring an additional 928 shares during the last quarter. Cerity Partners LLC acquired a new position in shares of Canadian Solar in the fourth quarter worth $2,540,000. Waterfront Wealth Inc. raised its holdings in shares of Canadian Solar by 3.2% in the fourth quarter. Waterfront Wealth Inc. now owns 64,742 shares of the solar energy provider’s stock worth $1,698,000 after acquiring an additional 2,037 shares during the last quarter. Duality Advisers LP raised its holdings in shares of Canadian Solar by 79.2% in the fourth quarter. Duality Advisers LP now owns 69,461 shares of the solar energy provider’s stock worth $1,822,000 after acquiring an additional 30,694 shares during the last quarter. Finally, USCF Advisers LLC raised its holdings in shares of Canadian Solar by 87.5% in the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock worth $39,000 after acquiring an additional 700 shares during the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.