Canadian Solar (NASDAQ:CSIQ) Shares Cross Above 200 Day Moving Average – What’s Next?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $17.55 and traded as high as $21.53. Canadian Solar shares last traded at $20.51, with a volume of 3,164,651 shares.

Analysts Set New Price Targets

CSIQ has been the subject of a number of research analyst reports. Roth Capital increased their target price on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, November 17th. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Citigroup reaffirmed a “sell” rating and set a $11.00 target price on shares of Canadian Solar in a research note on Tuesday, October 21st. Jefferies Financial Group reiterated a “hold” rating and issued a $19.64 target price (up previously from $13.70) on shares of Canadian Solar in a report on Monday, November 3rd. Finally, Wall Street Zen upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Friday, September 26th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $19.85.

Canadian Solar Trading Down 5.7%

The company has a fifty day simple moving average of $24.24 and a two-hundred day simple moving average of $17.55. The company has a market capitalization of $1.37 billion, a P/E ratio of -56.97 and a beta of 1.26. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.07 and a quick ratio of 0.86.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm posted ($0.31) EPS. The firm’s revenue for the quarter was down 1.3% on a year-over-year basis. On average, analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Raymond James Financial Inc. bought a new position in Canadian Solar in the 2nd quarter worth $33,000. Caitong International Asset Management Co. Ltd grew its position in shares of Canadian Solar by 335.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after purchasing an additional 2,463 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Canadian Solar by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of Canadian Solar during the 3rd quarter worth about $73,000. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Canadian Solar by 38.6% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after purchasing an additional 2,254 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

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.