Canadian Solar Inc. [NASDAQ: CSIQ] price plunged by -3.39 percent to reach at -$1.39. The company report on May 27, 2021 that Canadian Solar Announces At-the-Market Offering of Common Shares.
Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), announced that it has filed a prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”), under which it may offer and sell an aggregate of up to US$150 million of its common shares from time to time through an at-the-market equity offering program (“ATM Offering”).
Canadian Solar intends to use the net proceeds from the ATM Offering to further enhance the Company’s ability to execute its long-term strategic growth plans, including investing in its battery storage business and growing its storage pipeline. The Company may also use a portion of net proceeds to invest in or acquire businesses, assets or technologies that it believes are complementary to its business, including investments to strengthen its portfolio of stable, cash-yielding solar power projects that it has developed, and may be monetized through public vehicles in markets such as Brazil and Europe. Canadian Solar is not obligated to sell any common shares under the ATM Offering. The timing of any sales will depend on a variety of factors to be determined by the Company. The Company expects to complete the ATM Offering over the course of approximately six months or longer if necessary.
A sum of 1793223 shares traded at recent session while its average daily volume was at 2.11M shares. Canadian Solar Inc. shares reached a high of $40.54 and dropped to a low of $39.22 until finishing in the latest session at $39.61.
The one-year CSIQ stock forecast points to a potential upside of 23.19. The average equity rating for CSIQ stock is currently 2.10, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Canadian Solar Inc. [CSIQ]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CSIQ shares is $51.57 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CSIQ stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Citigroup have made an estimate for Canadian Solar Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 08, 2021. While these analysts kept the previous recommendation, Goldman raised their target price from $43 to $48. The new note on the price target was released on January 05, 2021, representing the official price target for Canadian Solar Inc. stock. Previously, the target price had yet another raise from $25 to $30, while Cascend Securities kept a Buy rating on CSIQ stock.
The Average True Range (ATR) for Canadian Solar Inc. is set at 2.09, with the Price to Sales ratio for CSIQ stock in the period of the last 12 months amounting to 0.64. The Price to Book ratio for the last quarter was 1.51, with the Price to Cash per share for the same quarter was set at 16.29.
CSIQ Stock Performance Analysis:
Canadian Solar Inc. [CSIQ] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.81. With this latest performance, CSIQ shares dropped by -10.00% in over the last four-week period, additionally sinking by -2.49% over the last 6 months – not to mention a rise of 118.36% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CSIQ stock in for the last two-week period is set at 49.12, with the RSI for the last a single of trading hit 53.34, and the three-weeks RSI is set at 46.96 for Canadian Solar Inc. [CSIQ]. The present Moving Average for the last 50 days of trading for this stock 42.48, while it was recorded at 39.25 for the last single week of trading, and 42.38 for the last 200 days.
Insight into Canadian Solar Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Canadian Solar Inc. [CSIQ] shares currently have an operating margin of +5.61 and a Gross Margin at +19.85. Canadian Solar Inc.’s Net Margin is presently recorded at +4.22.
Return on Total Capital for CSIQ is now 4.48, given the latest momentum, and Return on Invested Capital for the company is 6.60. Return on Equity for this stock inclined to 9.90, with Return on Assets sitting at 2.44. When it comes to the capital structure of this company, Canadian Solar Inc. [CSIQ] has a Total Debt to Total Equity ratio set at 184.11. Additionally, CSIQ Total Debt to Total Capital is recorded at 64.80, with Total Debt to Total Assets ending up at 44.23. Long-Term Debt to Equity for the company is recorded at 48.68, with the Long-Term Debt to Total Capital now at 17.13.
Reflecting on the efficiency of the workforce at the company, Canadian Solar Inc. [CSIQ] managed to generate an average of $11,484 per employee. Receivables Turnover for the company is 6.11 with a Total Asset Turnover recorded at a value of 0.58.Canadian Solar Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.10.
CSIQ Stock EPS
With the latest financial reports released by the company, Canadian Solar Inc. posted 0.34/share EPS, while the average EPS was predicted by analysts to be reported at -0.04/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 950.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CSIQ. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Canadian Solar Inc. go to 12.00%.
Canadian Solar Inc. [CSIQ] Insider Position Details
There are presently around $1,140 million, or 50.40% of CSIQ stock, in the hands of institutional investors. The top three institutional holders of CSIQ stocks are: BLACKROCK INC. with ownership of 9,291,392, which is approximately 36.209% of the company’s market cap and around 31.00% of the total institutional ownership; INVESCO LTD., holding 2,956,283 shares of the stock with an approximate value of $121.21 million in CSIQ stocks shares; and VANGUARD GROUP INC, currently with $66.1 million in CSIQ stock with ownership of nearly 4.926% of the company’s market capitalization.
Positions in Canadian Solar Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 113 institutional holders increased their position in Canadian Solar Inc. [NASDAQ:CSIQ] by around 6,684,026 shares. Additionally, 91 investors decreased positions by around 5,093,101 shares, while 31 investors held positions by with 16,019,789 shares. The mentioned changes placed institutional holdings at 27,796,916 shares, according to the latest SEC report filing. CSIQ stock had 38 new institutional investments in for a total of 1,449,075 shares, while 33 institutional investors sold positions of 1,215,356 shares during the same period.