Canadian Solar (NASDAQ:CSIQ) Trading Up 10.2% – Still a Buy?

Canadian Solar Inc. (NASDAQ:CSIQ) shares were up 10.2% during mid-day trading on Monday . The stock traded as high as $13.24 and last traded at $13.12. Approximately 1,427,567 shares were traded during mid-day trading, a decline of 17% from the average daily volume of 1,721,201 shares. The stock had previously closed at $11.91.

Wall Street Analysts Forecast Growth

CSIQ has been the topic of several research reports. Roth Mkm cut their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Oppenheimer dropped their price objective on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. Finally, The Goldman Sachs Group dropped their price objective on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Canadian Solar presently has an average rating of “Hold” and an average price target of $19.94.

Canadian Solar Stock Up 2.7 %

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82. The stock has a market capitalization of $844.20 million, a P/E ratio of 25.12, a P/E/G ratio of 4.27 and a beta of 1.34. The firm has a 50-day simple moving average of $13.70 and a 200 day simple moving average of $14.91.

Institutional Trading of Canadian Solar

A number of hedge funds have recently bought and sold shares of the business. Quarry LP bought a new stake in shares of Canadian Solar in the second quarter valued at $31,000. Daiwa Securities Group Inc. raised its stake in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after buying an additional 1,500 shares during the period. Private Advisor Group LLC bought a new stake in shares of Canadian Solar in the third quarter valued at $219,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Canadian Solar by 43.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after buying an additional 4,739 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Canadian Solar in the first quarter valued at $336,000. 52.36% of the stock is currently owned by 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.