Canadian Solar Inc. $CSIQ Stock Holdings Lessened by Shah Capital Management

Shah Capital Management reduced its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 42.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 970,000 shares of the solar energy provider’s stock after selling 716,285 shares during the quarter. Canadian Solar comprises about 4.4% of Shah Capital Management’s holdings, making the stock its 4th biggest holding. Shah Capital Management owned 1.45% of Canadian Solar worth $23,057,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in Canadian Solar during the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after purchasing an additional 2,463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after purchasing an additional 312 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Canadian Solar during the 3rd quarter valued at $73,000. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after purchasing an additional 2,254 shares during the period. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Daiwa Securities Group raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective for the company in a research note on Tuesday, December 2nd. Roth Mkm decreased their target price on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a report on Friday. Oppenheimer dropped their price target on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, March 20th. Finally, Mizuho cut their price objective on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $17.66.

Canadian Solar Stock Performance

NASDAQ CSIQ opened at $12.98 on Tuesday. Canadian Solar Inc. has a 52-week low of $6.57 and a 52-week high of $34.59. The company has a fifty day moving average of $18.50 and a 200-day moving average of $19.85. The company has a market capitalization of $869.27 million, a P/E ratio of -5.19 and a beta of 1.31. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.83 and a current ratio of 1.02.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) EPS for the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. The firm had revenue of $1.22 billion during the quarter. As a group, equities research analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

About Canadian Solar

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.