Canadian Solar Target of Unusually High Options Trading (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of unusually large options trading on Monday. Investors bought 15,417 call options on the company. This represents an increase of approximately 233% compared to the average volume of 4,632 call options.

Canadian Solar Stock Up 17.6 %

NASDAQ:CSIQ traded up $2.36 during trading hours on Monday, hitting $15.77. 4,462,260 shares of the stock traded hands, compared to its average volume of 1,644,643. The firm has a 50 day moving average price of $13.77 and a 200 day moving average price of $15.36. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. Canadian Solar has a fifty-two week low of $11.41 and a fifty-two week high of $26.85. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 4.93, a PEG ratio of 4.92 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm’s quarterly revenue was down 30.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.39 EPS. Equities research analysts anticipate that Canadian Solar will post 0.12 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Summit Place Financial Advisors LLC boosted its holdings in Canadian Solar by 60.0% in the third quarter. Summit Place Financial Advisors LLC now owns 59,223 shares of the solar energy provider’s stock valued at $993,000 after acquiring an additional 22,200 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Canadian Solar during the third quarter worth about $219,000. Green Alpha Advisors LLC raised its position in Canadian Solar by 8.8% in the 3rd quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock valued at $677,000 after buying an additional 3,282 shares during the last quarter. Handelsbanken Fonder AB raised its position in Canadian Solar by 69.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 19,700 shares of the solar energy provider’s stock valued at $330,000 after buying an additional 8,100 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in Canadian Solar by 109.5% in the 3rd quarter. SG Americas Securities LLC now owns 68,730 shares of the solar energy provider’s stock valued at $1,152,000 after buying an additional 35,921 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on CSIQ. The Goldman Sachs Group reduced their target price on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. 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. JPMorgan Chase & Co. raised their price target on Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. Finally, Roth Mkm dropped their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Four analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $22.03.

About Canadian Solar

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.