Canadian Solar (CSIQ) Stock Jumps Monday: What's Powering The Rally?

Canadian Solar Inc CSIQ shares are trading higher Monday afternoon. Recurrent Energy, a subsidiary of Canadian Solar, earlier announced the commercial operation of its 1,200 MWh Papago Storage facility in Maricopa County, Arizona. Here’s what investors need to know.

What To Know: Per Canadian Solar, the project is now supplying power to Arizona Public Service (APS), the state’s largest electric utility, just in time for the summer’s peak electricity demand.

The Papago Storage facility is the first of three projects Recurrent Energy is developing for APS, which will collectively provide 1,800 MWh of battery storage and 150 MWac of solar power. Once completed, these projects will be capable of powering the equivalent of 72,000 homes for four hours.

“Summer is here, and we are ready to serve APS customers,” said Derek Seaman, APS Director of Resource Acquisition. “The Papago Storage project is part of our diverse and balanced energy mix, helping us continue to provide Arizona with top-tier reliability.”

The project is seen as a critical step in meeting the state's rapidly growing energy needs. Kevin Thompson, Chair of the Arizona Corporation Commission, commended the project for its timely contribution to diversifying Arizona’s energy resources.

Canadian Solar’s majority-owned subsidiary, e-STORAGE, provided the turnkey engineering and will manage the facility under a long-term service agreement.

Benzinga Edge Rankings: Based on Benzinga Edge stock rankings, Canadian Solar presents a mixed profile for investors. The stock shows an exceptionally strong Value score of 89.15, suggesting it may be undervalued compared to its industry peers or its own historical financials.

However, its scores for Momentum (26.55) and Growth (21.74) are notably low. This indicates that the stock has been underperforming in terms of price movement and lacks significant growth indicators, respectively.

Price Action: According to data from Benzinga Pro, CSIQ shares are trading higher by 4.47% to $13.08 Monday afternoon. The stock has a 52-week high of $19.55 and a 52-week low of $6.56.

Read Also: Recurrent Energy Energizes 1,200 MWh Storage Facility in Arizona Ahead of Peak Summer Demand

How To Buy CSIQ Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Canadian Solar’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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