Green Alpha Advisors LLC Acquires New Holdings in Canadian Solar Inc. $CSIQ

Green Alpha Advisors LLC bought a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 38,370 shares of the solar energy provider’s stock, valued at approximately $615,000. Green Alpha Advisors LLC owned about 0.06% of Canadian Solar as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CSIQ. Deutsche Bank AG bought a new position in shares of Canadian Solar during the 2nd quarter valued at $722,850,000. BlackRock Inc. bought a new stake in Canadian Solar in the second quarter worth $85,219,000. Two Sigma Investments LP acquired a new position in Canadian Solar during the third quarter worth $11,544,000. Bank of America Corp DE increased its position in Canadian Solar by 292.7% during the first quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock worth $14,840,000 after buying an additional 798,610 shares during the last quarter. Finally, Alberta Investment Management Corp bought a new position in Canadian Solar during the second quarter valued at about $89,510,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Insider Transactions at Canadian Solar

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 21.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of a number of analyst reports. Freedom Capital cut Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Wall Street Zen raised Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Citigroup raised 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. Finally, Mizuho boosted their target price on Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, June 15th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $19.36.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $14.55 on Friday. The firm has a market capitalization of $987.95 million, a PE ratio of -5.77 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 current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The firm’s fifty day simple moving average is $15.20 and its 200 day simple moving average is $16.29.

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.