Canadian Solar Inc [NASDAQ: CSIQ] slipped around -0.78 points on Thursday, while shares priced at $16.58 at the close of the session, down -4.49%. The company report on April 3, 2024 at 7:00 AM that Recurrent Energy Secures €110 Million Multi-Currency, Green Loan Facility from Investec Energy and Infrastructure Finance UK.
Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer and owner of solar and energy storage assets, today announced that it has secured a multi-currency facility of up to €110 million ($120 million) from a group of international banks led by Investec Bank Plc.
The facility consists of a €55 million term loan and a €55 million revolving credit facility with a total duration of three years. The funding will support Recurrent Energy in the execution of its global solar PV and energy storage project pipeline, as it transitions to become an independent power producer (IPP) and accelerates its growth strategy. As of January 31, 2024, Recurrent Energy had 27 GWp of solar PV project pipeline and 55 GWh of energy storage pipeline.
Compared to the average trading volume of 1.34M shares, CSIQ reached a trading volume of 3224355 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about 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 $25.61 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 2.73. 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.
Daiwa Securities have made an estimate for Canadian Solar Inc shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on March 11, 2024. The new note on the price target was released on December 18, 2023, representing the official price target for Canadian Solar Inc stock. Previously, the target price had yet another drop from $32 to $22, while JP Morgan kept a Underweight rating on CSIQ stock.
The Average True Range (ATR) for Canadian Solar Inc is set at 1.06, with the Price to Sales ratio for CSIQ stock in the period of the last 12 months amounting to 0.14. The Price to Book ratio for the last quarter was 0.43, with the Price to Cash per share for the same quarter was set at 45.46.
How has CSIQ stock performed recently?
Canadian Solar Inc [CSIQ] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.57. With this latest performance, CSIQ shares dropped by -18.00% in over the last four-week period, additionally sinking by -29.48% over the last 6 months – not to mention a drop of -57.32% 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 35.70, with the RSI for the last a single of trading hit 33.80, and the three-weeks RSI is set at 37.36 for Canadian Solar Inc [CSIQ]. The present Moving Average for the last 50 days of trading for this stock 20.39, while it was recorded at 17.44 for the last single week of trading, and 25.06 for the last 200 days.
Canadian Solar Inc [CSIQ]: Deeper insight into the fundamentals
Canadian Solar Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.76 and a Current Ratio set at 0.99.
Earnings analysis for Canadian Solar Inc [CSIQ]
With the latest financial reports released by the company, Canadian Solar Inc posted 1.19/share EPS, while the average EPS was predicted by analysts to be reported at 0.61/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 95.10%. 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 25.00%.
Insider trade positions for Canadian Solar Inc [CSIQ]
The top three institutional holders of CSIQ stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in CSIQ stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in CSIQ stock with ownership which is approximately 5.8386%.
