The stock of Canadian Solar Inc. (NASDAQ:CSIQ) is now priced at $32.52 and the shares are 3.88 points up or 13.55% higher compared to its previous closing price of $28.64. The stock had 4.842 million contracts set over the past session. CSIQ shares’ daily volume is compared to its average trading volume at 1.264 million shares. However, it has a float of 45.07 million and although its performance was 25.27% over the week, it’s one to watch. Analysts have given the CSIQ stock a yearly average price target of $28.36 per share. It means the stock’s downside potential is -12.79% with the CSIQ share price recently placing at $28.92 to $32.72. However, some brokerage firms have priced the stock below the average, including one that has called $24.
The shorts are climbing into the Canadian Solar Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the CSIQ shares have risen. Short interest in the stock represents just 4.68% of its float, but the volume has raised by 33855. The volume of shorted shares rised to 2.111 million from 2.077 million shares over the last two weeks. The average intraday trading volume has been 1.559 million shares, which means that days to cover moved to roughly 1.353922.
In the last trading session, Canadian Solar Inc. (NASDAQ:CSIQ) raised by $6.56 over the week and gained $10.38 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $32.72. The stock recorded its established 52-week high on 08/28/20.
Since 03/18/20, the stock has traded to a low of $12 at 171%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.57. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Canadian Solar Inc.’s two-week RSI is 80.4. This suggests that the stock is oversold at the moment and that CSIQ shares’ price movement remains not stable. The stochastic readings are equally revealing at 92.57% meaning the CSIQ share price is currently in oversold territory.
The technical chart shows that the CSIQ stock will likely settle at between $33.85 and $35.19 per share. However, if the stock dips below $30.05, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $27.59.
Currently, the stock is trading in the green of MACD, with a reading of 2.08. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Cascend Securities though raised target price of CSIQ stock from $25 to $30 but maintained Buy recommendation in their August 16 review. JP Morgan analysts see the stock as a Neutral with a target price of $22 in a flash note released to investors on April 11 resuming covering the stock. Cascend Securities seeing the improvements upgraded the stock from Hold to Buy on February 20, placing it at $21 to $27.
The average rating for the CSIQ equity is 2.33 and is currently gathering a bullish momentum. Of 6 analysts tracking Canadian Solar Inc. polled by Reuters, 3 rated CSIQ as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CSIQ stock price is 9.81X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 7.7 below the group’s average of 77.9. Canadian Solar Inc. has its P/E ratio at 1.3, which means that the stock is currently trading at a discount relative to the 4.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Canadian Solar Inc. (NASDAQ:CSIQ) will increase by about 23.84%, which will see them reach $862 million. The company’s full-year revenues are, however, expected to increase by about 14.06%, up from $3200 million to $3650 million. CSIQ’s expected adjusted earnings should drop almost -105.21% to end up at -$0.05 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -0.71% to record $2.81/share.