Canadian Solar Inc (NASDAQ: CSIQ) stock fell -0.29% on Friday to $20.45 against a previous-day closing price of $20.51. With 0.87 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.33 million shares. During the session, the Solar company that operates in wider Technology sector, reached to the highest price of $20.84 whereas the lowest price it dropped to was $19.91. The 52-week range on CSIQ shows that it touched its highest point at $45.29 and its lowest point at $17.82 during that stretch. It currently has a 1-year price target of $33.26. Beta for the stock currently stands at 1.44.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CSIQ was down-trending over the past week, with a drop of -2.94%, but this was down by -6.06% over a month. Three-month performance dropped to -33.52% while six-month performance fell -49.14%. The stock lost -43.97% in the past year, while it has lost -33.82% so far this year. A look at the trailing 12-month EPS for CSIQ yields 4.97 with Next year EPS estimates of 3.55. For the next quarter, that number is -0.00. This implies an EPS growth rate of 14.38% for this year and -9.86% for next year. EPS is expected to grow by 25.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 16.88%.
Float and Shares Shorts:
At present, 64.51 million CSIQ shares are outstanding with a float of 50.88 million shares on hand for trading. On Oct 30, 2023, short shares totaled 4.89 million, which was 7.56% higher than short shares on Sep 28, 2023. In addition to Dr. Xiaohua Qu as the firm’s Chairman, President & CEO, Dr. Huifeng Chang serves as its Senior VP, CFO & Director.
Institutional Ownership:
Through their ownership of 60.24% of CSIQ’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 38.60% of CSIQ, in contrast to 17.13% held by mutual funds. As the largest shareholder in CSIQ with 5.82% of the stake, Grantham, Mayo, Van Otterloo & Co holds 3,761,422 shares worth 3,761,422. A second-largest stockholder of CSIQ, BlackRock Investment Management, holds 3,581,208 shares, controlling over 5.54% of the firm’s shares. Mackenzie Financial Corp. is the third largest shareholder in CSIQ, holding 3,108,915 shares or 4.81% stake. With a 5.37% stake in CSIQ, the BlackRock Global Funds SICAV – Su is the largest stakeholder. A total of 3,467,918 shares are owned by the mutual fund manager. The Mackenzie Greenchip Global Enviro, which owns about 3.78% of CSIQ stock, is the second-largest Mutual Fund holder. It holds 2,444,990 shares valued at 48.85 million. Handelsbanken Hallbar Energi holds 2.46% of the stake in CSIQ, owning 1,586,675 shares worth 31.7 million.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CSIQ since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CSIQ analysts setting a high price target of $51.00 and a low target of $21.00, the average target price over the next 12 months is $33.26. Based on these targets, CSIQ could surge 149.39% to reach the target high and rise by 2.69% to reach the target low. Reaching the average price target will result in a growth of 62.64% from current levels.
