Canadian Solar Sees Unusually-High Trading Volume After Earnings Beat (CSIQ)
Shares of Canadian Solar (NASDAQ:CSIQ) saw unusually-strong trading volume on Wednesday following a better than expected earnings announcement, Analyst Ratings.Net reports. Approximately 12,459,340 shares changed hands during mid-day trading, an increase of 274% from the previous session’s volume of 3,328,704 shares.The stock last traded at $29.92 and had previously closed at $24.97.
The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.37. The company had revenue of $623.80 million for the quarter, compared to the consensus estimate of $577.65 million.
A number of research firms have recently commented on CSIQ. Analysts at JPMorgan Chase & Co. raised their price target on shares of Canadian Solar from $41.00 to $43.50 in a research note on Tuesday, July 15th. They now have an “overweight” rating on the stock. Separately, analysts at FBR Capital Markets upgraded shares of Canadian Solar from a “market perform” rating to an “outperform” rating in a research note on Monday, July 7th. They now have a $40.00 price target on the stock. Finally, analysts at Canaccord Genuity initiated coverage on shares of Canadian Solar in a research note on Wednesday, July 2nd. They set a “buy” rating and a $43.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $42.31.
The stock’s 50-day moving average is $27.73 and its 200-day moving average is $30.36. The company has a market cap of $1.598 billion and a price-to-earnings ratio of 33.38.
Canadian Solar Inc (NASDAQ:CSIQ) designs, develops, and manufactures solar wafers, cells and solar module products that convert sunlight into electricity for a variety of uses.
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