Canadian Solar (NASDAQ:CSIQ) Stock Price Up 5.3% – Still a Buy?

Canadian Solar Inc. (NASDAQ:CSIQ)’s share price rose 5.3% on Wednesday . The company traded as high as $10.27 and last traded at $10.30. Approximately 96,492 shares traded hands during trading, a decline of 95% from the average daily volume of 1,807,838 shares. The stock had previously closed at $9.78.

Analyst Ratings Changes

CSIQ has been the subject of a number of research analyst reports. Mizuho initiated coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and cut their price objective for the company from $14.00 to $11.00 in a research report on Tuesday, December 17th. Jefferies Financial Group started coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective for the company. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Finally, Wells Fargo & Company lowered their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Five analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $18.04.

Canadian Solar Trading Up 10.1 %

The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. The firm has a market cap of $712.47 million, a P/E ratio of -89.51, a P/E/G ratio of 0.74 and a beta of 1.34. The company’s 50 day simple moving average is $10.58 and its 200-day simple moving average is $12.18.

Institutional Trading of Canadian Solar

Institutional investors have recently added to or reduced their stakes in the company. USCF Advisers LLC lifted its stake in Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after purchasing an additional 1,000 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after acquiring an additional 3,347 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after acquiring an additional 1,500 shares in the last quarter. Sciencast Management LP bought a new stake in shares of Canadian Solar during the fourth quarter valued at approximately $113,000. Finally, Miracle Mile Advisors LLC bought a new stake in shares of Canadian Solar during the fourth quarter valued at approximately $133,000. Institutional investors own 52.36% of the company’s stock.

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.