Quantbot Technologies LP Makes New $1.03 Million Investment in Canadian Solar Inc. $CSIQ

Quantbot Technologies LP acquired a new position in Canadian Solar Inc. (NASDAQ:CSIQ) during the second quarter, HoldingsChannel reports. The firm acquired 64,401 shares of the solar energy provider’s stock, valued at approximately $1,032,000.

Several other hedge funds and other institutional investors have also modified their holdings of CSIQ. Deutsche Bank AG purchased a new stake in shares of Canadian Solar during the 2nd quarter worth about $722,850,000. BlackRock Inc. purchased a new position in Canadian Solar in the second quarter valued at approximately $85,219,000. Invesco Ltd. lifted its position in Canadian Solar by 19.3% during the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after buying an additional 356,625 shares in the last quarter. Legal & General Group Plc lifted its position in Canadian Solar by 13.0% during the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock valued at $26,741,000 after buying an additional 236,115 shares in the last quarter. Finally, Findlay Park Partners LLP purchased a new stake in Canadian Solar during the second quarter worth approximately $217,740,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CSIQ has been the subject of several recent research reports. Mizuho increased their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th. Citigroup upgraded shares of Canadian Solar from a “sell” rating to a “neutral” rating and lifted their target price for the company from $11.00 to $18.00 in a report on Wednesday, July 22nd. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Freedom Capital lowered Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $19.36.

Canadian Solar Stock Performance

Canadian Solar stock opened at $13.87 on Thursday. Canadian Solar Inc. has a 12-month low of $9.41 and a 12-month high of $34.59. The company has a market capitalization of $941.77 million, a price-to-earnings ratio of -5.50 and a beta of 1.52. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The firm’s fifty day moving average price is $15.06 and its 200 day moving average price is $16.15.

Canadian Solar Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.