Canadian Solar Inc. [NASDAQ: CSIQ] stock went on a downward path that fall over -1.58% on Wednesday, amounting to a one-week price decrease of less than -8.64%. The company report on June 29, 2021 that Canadian Solar Secures 86 MWp in Japan’s 8th Solar Auction Solidifying Its #1 Market Share Position in Japan.
Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced that it has been awarded 86 MWp in Japan’s 8th solar energy auction, accounting for the largest share of the total capacity auctioned.
The total of 86 MWp includes three projects located in the Tohoku region: an 80 MWp project in Miyagi Prefecture, a 3 MWp project located in Fukushima Prefecture and a 3 MWp project located in Aomori Prefecture. Once constructed, these projects will enter into a 20-year power purchase agreement with Tohoku Power Electric Company at a weighted average rate of ¥10.77 ($0.098) per kWh. The Company expects the projects to reach commercial operation between the years of 2024 and 2026.
Over the last 12 months, CSIQ stock rose by 93.14%. The one-year Canadian Solar Inc. stock forecast points to a potential upside of 12.91. The average equity rating for CSIQ stock is currently 2.10, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $2.62 billion, with 59.86 million shares outstanding and 46.02 million shares in the current float. Compared to the average trading volume of 1.75M shares, CSIQ stock reached a trading volume of 2060132 in the most recent trading day, which is why market watchdogs consider the stock to be active.
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 $49.43 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 2.06, with the Price to Sales ratio for CSIQ stock in the period of the last 12 months amounting to 0.70. The Price to Book ratio for the last quarter was 1.64, with the Price to Cash per share for the same quarter was set at 16.14.
CSIQ Stock Performance Analysis:
Canadian Solar Inc. [CSIQ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.64. With this latest performance, CSIQ shares gained by 13.74% in over the last four-week period, additionally sinking by -14.79% over the last 6 months – not to mention a rise of 93.14% 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 55.97, with the RSI for the last a single of trading hit 55.96, and the three-weeks RSI is set at 54.49 for Canadian Solar Inc. [CSIQ]. The present Moving Average for the last 50 days of trading for this stock 39.84, while it was recorded at 43.67 for the last single week of trading, and 43.94 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
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 $1,198 million, or 51.50% 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 $127.27 million in CSIQ stocks shares; and VANGUARD GROUP INC, currently with $69.41 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 August and at the time of the August reporting period, where 111 institutional holders increased their position in Canadian Solar Inc. [NASDAQ:CSIQ] by around 6,619,650 shares. Additionally, 91 investors decreased positions by around 5,093,101 shares, while 30 investors held positions by with 16,124,844 shares. The mentioned changes placed institutional holdings at 27,837,595 shares, according to the latest SEC report filing. CSIQ stock had 34 new institutional investments in for a total of 1,369,812 shares, while 33 institutional investors sold positions of 1,215,356 shares during the same period.