Key Points
- Canadian Solar director Andrew Luen Cheung Wong sold 1,752 shares on May 19 at an average price of $16.33, totaling about $28,610.16, according to an SEC filing.
- The stock rose 8.6% and opened at $18.10 on Friday, with shares trading between a 52-week low of $9.41 and high of $34.59.
- Canadian Solar beat quarterly estimates, reporting a loss of $0.71 per share versus the expected $1.06 loss and revenue of $1.08 billion, while analysts currently rate the stock a consensus “Reduce.”
Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) Director Andrew Luen Cheung Wong sold 1,752 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Canadian Solar Trading Up 8.6%
Canadian Solar stock opened at $18.10 on Friday. Canadian Solar Inc. has a one year low of $9.41 and a one year high of $34.59. The company's fifty day moving average price is $15.22 and its two-hundred day moving average price is $20.05. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -7.18 and a beta of 1.44.
Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, topping analysts' consensus estimates of ($1.06) by $0.35. The company had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The business's quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.07) earnings per share. On average, analysts forecast that Canadian Solar Inc. will post -1.16 earnings per share for the current fiscal year.
Analyst Ratings Changes
CSIQ has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 8th. Freedom Capital cut shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday. Mizuho decreased their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 23rd. Weiss Ratings reiterated a "sell (d+)" rating on shares of Canadian Solar in a report on Friday, March 27th. Finally, Roth Mkm cut their target price on shares of Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, March 23rd. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $18.36.
Read Our Latest Report on CSIQ
Institutional Trading of Canadian Solar
A number of institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in Canadian Solar by 206.6% in the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider's stock worth $7,457,000 after purchasing an additional 385,355 shares during the period. UBS Group AG increased its holdings in Canadian Solar by 71.3% in the 4th quarter. UBS Group AG now owns 399,963 shares of the solar energy provider's stock valued at $9,507,000 after buying an additional 166,412 shares during the period. Polunin Capital Partners Ltd acquired a new position in shares of Canadian Solar in the 4th quarter valued at $43,692,000. Hussman Strategic Advisors Inc. acquired a new position in shares of Canadian Solar in the 4th quarter valued at $2,995,000. Finally, GF Fund Management CO. LTD. bought a new position in shares of Canadian Solar during the 4th quarter worth about $6,260,000. 52.36% of the stock is currently owned by institutional investors.
About Canadian Solar
(
Get Free Report)
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.
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