Canadian Solar Inc. (CSIQ) Stock | Raises Revenue, Gross Profit Guidance for Q3

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Canadian Solar Inc. (NASDAQ: CSIQ)

 

Canadian Solar Inc.  (CSIQ), a solar power company yesterday announced that they are upgrading their expectations for third quarter 2015 due to the higher than expected solar demand. They expect increases in revenue and gross profit guidance.

 

Canadian Solar Inc. CEO Comments

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked:

“We ended the third quarter with stronger than expected demand in our solar module business, led by the U.S., the U.K., Canada and Japan.  We also benefitted from the sale of a controlling interest in our 200 MW Tranquillity project in California.  We are entering the fourth quarter of 2015 in an excellent competitive and financial position.  We expect to see continued robust demand levels in our solar module business and we continue to execute on our already robust and steadily expanding utility-scale solar project development pipeline.”  PR Newswire

 

CSIQ Technical Analysis

csiq_001

CSIQ gapped up in price yesterday to $22.00, up from the prior day’s close of $20.68, which is a 6% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was on August 18th, when it closed at $24.69.  Taking a further look back on the chart we can see the stock has been on an overall decline dating back to May 15th when the stock was trading at $38.85. More recently, the stock has been bouncing off lows of $15.50 on September 28th.  The stock has a float of 42.46 million shares and is trading below the average daily volume. With the favorable news, I expect a spike up and will be looking to catch some of it. The stock did reach pre market highs of $22.68 but it gave back $0.68 at the open, or equivalent to 3%. For trading purposes, my entry point would have been $22.10 looking for a run through $22.50. My stop loss would have been $21.90 fearing anything below that and the stock would start to fill in the gap up.

 

Company Profile

Canadian Solar Inc., together with its subsidiaries, designs, develops, manufactures, and sells solar wafers, cells, and solar power products worldwide. The company operates in two segments, Module and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems. The company also provides specialty solar products consisting of Andes Solar Home System, an off-grid solar system, designed to provide an economical source of electricity to homes and communities without access to grid; and Maple Solar System, a clean energy solution for families, as well as solar system kits, which are a ready-to-install packages, such as inverters, racking system, and other accessories. In addition, it develops, builds, and sells solar power projects; performs the engineering, procurement, and construction (EPC) work for the solar projects; and offers operation and maintenance services that include inspection, repair, and replacement of plant equipment, site management, and administrative support services. The company sells its products under the CanadianSolar and CSI brand names. It offers its products to distributors, system integrators, project developers, and installers/EPC companies. Canadian Solar Inc. was founded in 2001 and is based in West Guelph, Canada.  Yahoo Finance

 

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