Persistent Asset Partners Ltd Takes $851,000 Position in Canadian Solar Inc. $CSIQ

Persistent Asset Partners Ltd purchased a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) during the second quarter, HoldingsChannel reports. The firm purchased 53,113 shares of the solar energy provider’s stock, valued at approximately $851,000.

Other large investors have also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC purchased a new stake in Canadian Solar in the 2nd quarter valued at approximately $241,000. Baxter Bros Inc. purchased a new position in shares of Canadian Solar during the 2nd quarter worth approximately $825,000. Old West Investment Management LLC acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $5,511,000. Global Retirement Partners LLC acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $96,000. Finally, Alberta Investment Management Corp purchased a new stake in shares of Canadian Solar in the second quarter valued at approximately $89,510,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CSIQ. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Mizuho boosted their target price 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. Freedom Capital downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Finally, Citigroup upgraded shares of Canadian Solar from a “sell” rating to a “neutral” rating and raised their price objective for the company from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $19.36.

Insider Buying and Selling at Canadian Solar

In related news, Director Leslie Li Hsien Chang sold 1,767 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The SEC filing for this sale provides additional information. Insiders own 21.50% of the company’s stock.

Canadian Solar Stock Performance

NASDAQ CSIQ opened at $15.14 on Monday. The business has a 50 day moving average price of $15.33 and a 200 day moving average price of $16.46. The company has a market capitalization of $1.03 billion, a P/E ratio of -6.01 and a beta of 1.52. Canadian Solar Inc. has a 1-year low of $9.41 and a 1-year high of $34.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.35. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.Canadian Solar’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.07) earnings per share. Sell-side analysts expect that Canadian Solar Inc. will post -1.81 EPS for the current fiscal year.

Canadian Solar Company 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.