# Canadian Solar Inc. (CSIQ)

> Source: Nexqual · https://nexqual.com/CSIQ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Canadian Solar Inc. (CSIQ), nexqual.com/CSIQ" · informational, not investment advice.

**Price:** USD 9.22 (-6.21% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.83 · day 9.05–9.8 · 52w 9.05–34.59 · market cap $626M · NMS

## Key facts
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $63K; 2 not under a Rule 10b5-1 plan ($63K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.83 on a 1–5 scale) (12 analysts), mean target USD 16.93 (range 8–30).
- Total return with dividends: 1Y -34.8% vs S&P 500 +14.9%; 5Y -75.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD -0.87, revenue estimate $1.38B.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-26 | Chang Leslie Li Hsien | Director | 1,767 | $34K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-19 | Wong Andrew Luen Cheung | Director | 1,752 | $29K | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.83 on a 1–5 scale), 12 analysts; mean target USD 16.93 (low 8, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | JP Morgan | Target lowered | Underweight | $9 → $8 |
| 2026-10-14 | UBS | Target lowered | Buy | $25 → $16 |
| 2026-08-31 | Wells Fargo | Target lowered | Equal-Weight | $18 → $17 |
| 2026-08-28 | Mizuho | Target lowered | Neutral | $18 → $17 |
| 2026-08-27 | GLJ Research | Reiterated | Sell | $5.58 |
| 2026-07-22 | Citigroup | Upgrade | Sell → Neutral | $11 → $18 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -34.8% | -75.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -34.9% | -24.4% |
| Volatility (annualized) | 92.0% | 68.8% |
| Max drawdown | -72.5% (Nov 2025→Oct 2026) | -83.3% (Aug 2022→Apr 2025) |

## Peers (Solar)
ARRY (Array Technologies, Inc.) USD 3.3 -3.23% · JKS (JinkoSolar Holding Company Limi) USD 8.14 +0.12% · SHLS (Shoals Technologies Group, Inc.) USD 7.73 -2.83% · RUN (Sunrun Inc.) USD 7.7 +1.05% · SEDG (SolarEdge Technologies, Inc.) USD 32.94 -0.75% · ENPH (Enphase Energy, Inc.) USD 31.35 -2.00%

## More
Full page: https://nexqual.com/CSIQ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CSIQ's own 20-F filed 2026-04-10 (https://www.sec.gov/Archives/edgar/data/1375877/000110465926041976/csiq-20251231x20f.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Business | "In addition, to maintain the highest ethical standards in the way we conduct our business, we have implemented the following: Corporate Governance Guidelines, Code of Business Conduct and Ethics, Whistleblower Policy, In…" |
| Customer | Recurrent Energy | "Business Overview—Sales, Marketing and Customers—Recurrent Energy" for a description of our solar power and battery energy storage pipelines." |
| Customer | CS PowerTech | "Our business is organized into two segments: (i) Manufacturing, comprising CS PowerTech, which focuses on manufacturing and sales of solar products and battery energy storage products, and other power technology products…" |
| Customer | CSI Solar | "Our business is organized into two segments: (i) Manufacturing, comprising CS PowerTech, which focuses on manufacturing and sales of solar products and battery energy storage products, and other power technology products…" |
| Partner | BlackRock, Inc. (BLK) | "In January 2024, Canadian Solar Energy Group B.V. and Recurrent Energy B.V., our subsidiaries, entered into a purchase and sale agreement with GRP IV UK Holdco Limited ("GRP IV"), which is managed by BlackRock, Inc.'s cl…" |
| Competitor | Tesla (TSLA) | "We face intense competition from a large number of module competitors, such as First Solar, Inc., LONGi Green Energy Technology Co. Ltd., Trina Solar Limited, JinkoSolar Holding Co., Limited, JA Solar Co., Limited and To…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.87 | $-0.48 | +80.3% | $1.38B | 1 |
| Next quarter (ends 2026-12-31) | $-0.31 | $-0.17 | +79.0% | $1.74B | 1 |
| Current fiscal year (ends 2026-12-31) | $-2.78 | $-2.48 | +12.3% | $5.40B | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.09 | $-0.44 | -79.5% | $6.83B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±17.0%; earnings reaction alone ±4.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 81.1% | ±10.0% |
| 2026-11-06 | 14 | 83.0% | ±13.7% |
| 2026-11-13 | 21 | 83.8% | ±17.0% |
| 2026-11-20 | 28 | 83.9% | ±19.1% |
| 2026-11-27 | 35 | 83.2% | ±20.5% |
| 2026-12-04 | 42 | 83.4% | ±22.3% |
| 2026-12-18 | 56 | 80.2% | ±24.8% |
| 2027-01-15 | 84 | 75.9% | ±28.5% |