What just happened? Canadian Solar Inc. (NASDAQ:CSIQ) stock value has plummeted by nearly -2.01% or (-0.48 points) to $23.44 from its previous close of $23.92. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 290526 contracts so far this session. CSIQ shares had a relatively better volume day versus average trading capacity of 884.87 thousand shares, but with a 45.35 million float and a 9.47% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CSIQ stock indicates that the average analyst price target is $24.19 per share. This means the stock has a potential increase of 3.2% from where the CSIQ share price has been trading recently.
During the recent trading session for Canadian Solar Inc. (NASDAQ:CSIQ), the company witnessed their stock rise $2.24 over a week and surge $0.44 from the price 20 days ago. When compared to their established 52-week high of $25.89, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 01/03/19. The recent low of $14.5 stood for a -9.46% since 11/14/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.87 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Canadian Solar Inc., the two-week RSI stands at 61.79. This figure suggests that CSIQ stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current CSIQ readings is similarly very revealing as it has a stochastic reading of 87.12% at this stage. This figure means that CSIQ share price today is being oversold.
Technical chart claims that Canadian Solar Inc. (CSIQ) would settle between $24.49/share to $25.05/share level. However, if the stock price goes below the $22.97 mark, then the market for Canadian Solar Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $22.01 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 1.42. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Cascend Securities lifted target price for shares of CSIQ but were stick to Buy recommendation for the stock in their opinion released on August 16. The price target has been raised from $25 to $30. JP Morgan, analysts launched coverage of Canadian Solar Inc. (NASDAQ:CSIQ) stock with a Neutral recommendation, according to their flash note issued to investors on April 11. Analysts at Cascend Securities released an upgrade from Hold to Buy for the stock, in a research note that dated back to February 20.
CSIQ equity has an average rating of 2.29, with the figure leaning towards a bullish end. 7 analysts who tracked the company were contacted by Reuters. Amongst them, 3 rated the stock as a hold while the remaining 4 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 4 analysts rated Canadian Solar Inc. (NASDAQ:CSIQ) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Canadian Solar Inc. (CSIQ)’s current-quarter revenues are projected to climb by nearly -3.9% to hit $865460, based on current consensus estimate. The firm’s full-year revenues are expected to expand by over -16% from $3.74 billion to a noteworthy $3.15 billion. At the other end of the current quarter income statement, Canadian Solar Inc. is expected to see its adjusted earnings surge by roughly -73.5% to hit $0.48 per share. For the fiscal year, CSIQ’s earnings are projected to climb by roughly -41.5% to hit $2.27 per share.