Canadian Solar Inc. (NASDAQ:CSIQ) Short Interest Down 5.8% in June

Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of a significant decline in short interest in June. As of June 15th, there was short interest totalling 6,290,000 shares, a decline of 5.8% from the May 31st total of 6,680,000 shares. Currently, 13.3% of the company’s stock are short sold. Based on an average daily volume of 1,830,000 shares, the short-interest ratio is presently 3.4 days.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Daiwa Capital Markets began coverage on shares of Canadian Solar in a research report on Monday, March 11th. They issued a “neutral” rating and a $21.00 target price on the stock. StockNews.com upgraded Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Wells Fargo & Company reduced their price objective on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. The Goldman Sachs Group lowered their target price on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, Roth Mkm reiterated a “buy” rating and issued a $25.00 price target on shares of Canadian Solar in a research report on Wednesday, May 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $28.89.

Institutional Trading of Canadian Solar

Several hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp lifted its position in shares of Canadian Solar by 27.1% during the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock valued at $103,661,000 after acquiring an additional 843,100 shares during the period. Schroder Investment Management Group raised its holdings in Canadian Solar by 15.7% during the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock worth $41,330,000 after purchasing an additional 213,959 shares during the last quarter. Creative Planning boosted its position in Canadian Solar by 103.3% during the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after purchasing an additional 205,671 shares in the last quarter. Robotti Robert grew its holdings in Canadian Solar by 92.5% in the first quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock valued at $6,234,000 after purchasing an additional 151,610 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Canadian Solar by 366.5% in the fourth quarter. Russell Investments Group Ltd. now owns 126,683 shares of the solar energy provider’s stock valued at $3,323,000 after buying an additional 99,528 shares in the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

CSIQ traded up $1.18 during trading on Wednesday, hitting $15.72. The stock had a trading volume of 1,152,503 shares, compared to its average volume of 1,558,942. The firm has a market capitalization of $1.04 billion, a P/E ratio of 5.46, a PEG ratio of 0.28 and a beta of 1.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.02. Canadian Solar has a twelve month low of $13.80 and a twelve month high of $39.07. The company’s 50-day moving average price is $16.90 and its 200 day moving average price is $19.61.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the previous year, the business posted $1.19 earnings per share. The business’s revenue was down 21.1% compared to the same quarter last year. On average, equities research analysts forecast that Canadian Solar will post 2.07 EPS for the current fiscal year.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.