Canadian Solar Inc. (CSIQ): Technicals Say You should Hold

Canadian Solar Inc. (NASDAQ:CSIQ) saw an upside of 6.28% to close Tuesday at $36.37 after adding $2.15 on the day. The 5-day average trading volume is 985,100 shares of the company’s common stock. It has gained $36.45 in the past week. An average of 965,205 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 1,074,706.

CSIQ’s 1-month performance is -3.60% or $0.01 on its low of $31.40 reached on 10/06/21. The company’s shares have touched a 52-week low of $31.40 and high of $67.39, with the stock’s rally to the 52-week high happening on 01/25/21. YTD, CSIQ has lost -29.02% or -$14.87. However, the current price is down -46.03%% from the 52-week high price.


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Valuation Metrics

The company’s PE ratio for the last five years has touched a high of 56.05 and a low of 2.972. CSIQ stock has a beta of 1.41. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 0.47 while the price-to-book (PB) in the most recent quarter is 1.33.

Canadian Solar Inc.’s quick ratio for the period ended June 29 was 0.80, with the current ratio over the same period at 1.10 meaning that CSIQ stock is not able to fulfill its debt obligations. As well, the company’s long term debt to equity for the quarter ending June 29 was 0.46, while the total debt to equity was 1.77. In terms of profitability, the gross margin trailing 12 months is 15.60%. The trailing 12-month EBITDA margin is 11.85% while for the period ending June 29; Canadian Solar Inc.’s operating margin was 2.90%. The firm’s gross profit as reported stood at $689.91 million against revenue of $3.48 billion.

Earnings Surprise

For the quarterly period ending June 29 this year, Net income and sales went up compared to those figures reported in the previous quarter. Analysts expected CSIQ to announce -$0.3 per share in earnings in its latest quarter, but it posted $0.18, representing a 160.00% surprise. EBITDA for the quarter stood at more than $26.38 million. CSIQ stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 5.06 billion, with total debt at $2.14 billion

Technical Picture

Let’s look briefly at Canadian Solar Inc. (CSIQ) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 12 October was 64.31% to suggest the stock is trending Neutral, with historical volatility in this time period at 78.47%.

The stock’s 5-day moving average is $33.50, reflecting a +13.37% or $4.29 change from its current price. CSIQ is currently trading -1.94% above its 20-day SMA, -7.43% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 and SMA200 by -8.78% and -31.00% respectively.

Stochastic %K and %D was 65.33% and 40.62% and the average true range (ATR) pointed at 1.57. The RSI (14) points at 56.84%, while the 14-day stochastic is at 98.42% with the period’s ATR at 1.56. The stock’s 9-day MACD Oscillator is pointing at 1.15 and 0.95 on the 14-day charts.

Analyst Ratings

In the most recent analyst report for Canadian Solar Inc. (NASDAQ: CSIQ), Citigroup launched coverage with a Buy rating. Analysts offering their rating for CSIQ stock have a consensus rating for the stock as Hold. Currently, 1 brokerage advisors rate CSIQ as a “sell,”, while 4 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 0 rates the stock as overweight while 3 have offered a “buy” rating.

What is CSIQ’s price target for the next 12 months?

Analysts have a consensus price target ranging from a low of $44.00 and a high of $55.00, with their median price target at $51.00. Looking at these predictions, the average price target given by analysts is for Canadian Solar Inc. (CSIQ) stock is $49.83.

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