Goldman Sachs took its Canadian Solar [CSIQ] rating to the equivalent of Neutral from Buy, and the price target to $48, in a research note dated 2021-01-05. Meanwhile, Cascend Securities had raised its rating on CSIQ to “Buy” from the earlier “Hold”, in a research note produced for clients February 20, 2019. In addition, there was no change from Cascend Securities on February 20, 2019. The rater maintained CSIQ to “a Buy” but assigned new target price of $27.
Is Canadian Solar Inc. [NASDAQ:CSIQ] a Good Buy Right Now?
It should be noted that CSIQ technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Canadian Solar Inc.’s Trend Spotter indicated that the signals were Strengthening. The stock current average is 2.28 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 2.38 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 2.47 million shares.
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CSIQ Price Performance
On Wall Street, Canadian Solar Inc. [NASDAQ:CSIQ] finished Monday’s session up 2.73% at $52.64. The stock went up to $54.14 at the same session while its lowest single day price was $51.83. In the last five days, it saw a fall of about -0.13%, Canadian Solar Inc. shares gained by almost 2.73% since the beginning of the year. However, the share price has dropped to as low as -6.70% below its one year high. On 01/04/21, the company shares recorded $54.14, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $51.83. The company’s shares have inclined by 141.47% in the past year. The 50-day SMA achieved is $41.77 while the 200-day SMA is $28.14. Volume gained to 1.79 million from 1.41 million in the previous session.
Canadian Solar Inc. [CSIQ] Valuation Measures
Notably, Canadian Solar Inc. [CSIQ] stock can be classified as a good candidate in the listing of underestimated low-priced Solar companies to purchase soonest possible with the prevailing 12-month PE ratio of 15.14. The measure means the stock is exchanging at a discount as compared to the 32.48x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 0.92 PS value ratio is reported for the last one year of reported earnings. That is lower than the industry average of 2.63 which means CSIQ serve an attractive investment opportunity compared to its competitors.
CSIQ Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 51.60 level, and in case of violation of this particular level, it will cause more drop to 50.56 level. On the upper level, 55.18 is still the key resistance. The stock may increase to the subsequent resistance at 53.91. The Relative Strength Index (RSI) pinned on the 14-day chart is 68.73, implying a neutral technical stance while the MACD stands at 3.50, meaning price will increase in the next trading period. Percent R indicator moved to 20.21%, implying bullish price movement. Stochastic %K at 75.27% suggest selling the stock.
What is the short interest in Canadian Solar Inc.?
Short interest in the Canadian Solar Inc. stock has surged, increasing by 50000.0 shares to total 5.15 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 5.2 million, data from Yahoo Finance shows. The decrease of -0.97% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 11.43% of the overall float for the stock.
Canadian Solar Inc.’s Biggest Shareholders: Who Owns Canadian Solar Inc. [CSIQ]?
Filings by Invesco Capital Management LLC showed that the firm now holds a total of 2,285,761 shares or roughly 3.85% of the outstanding CSIQ shares. This means their shares have increased by 257,235 from the 2,285,761 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, BlackRock Advisors updated stake is worth $66,712,442. Details in the latest 13F filings reveal that The Vanguard Group, Inc. disposed off their -3.08% stake valued at $63,279,797 while Morgan Stanley & Co. LLC added theirs at $62,127,244. During the last quarter, The Vanguard Group, Inc. liquidated -47,065 of its shares in Canadian Solar Inc. while Morgan Stanley & Co. LLC bought 751,758 shares. The Norges Bank Investment Management’s holdings currently number 1,194,822 shares at $62895430.08. According to the firm’s last 13F report, BlackRock Fund Advisors shares in the company at filing stood at 1,151,796 shares, roughly $49,250,797.
CSIQ Earnings Forecast For The Current Quarter
Canadian Solar Inc. [CSIQ] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $997.88M and an earnings per share of -$0.58 for Dec 2020. Looking further ahead, the company is expected to report revenue of $975.16M at an EPS of -$0.51 for Mar 2021. The estimates represent upside of 43.60% and 19.63% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
CSIQ Earnings Estimates For The Current Year
For the financial year, Canadian Solar Inc. [NASDAQ:CSIQ] is expected to bring in revenue of $3.43B. The returns are nearly $230.0 million higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 1.62, lower than that of FY19 by -$1.21. Estimates put this year’s earnings growth at -42.80%, 19.80% for the next, and at an annual 20.00% over the next 5-year period. As for sales, forecasts are for an increase of 7.30% in the current fiscal year and a further 43.60% over the following year.