Summit Place Financial Advisors LLC Raises Holdings in Canadian Solar Inc. (NASDAQ:CSIQ)

Summit Place Financial Advisors LLC increased its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 60.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 59,223 shares of the solar energy provider’s stock after acquiring an additional 22,200 shares during the quarter. Summit Place Financial Advisors LLC owned about 0.09% of Canadian Solar worth $993,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CSIQ. Mackenzie Financial Corp boosted its position in Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after purchasing an additional 1,037,800 shares during the period. SIR Capital Management L.P. bought a new stake in Canadian Solar during the 2nd quarter valued at $3,994,000. D. Scott Neal Inc. bought a new stake in Canadian Solar during the 2nd quarter valued at $3,898,000. Foundry Partners LLC bought a new position in shares of Canadian Solar in the second quarter worth $3,667,000. Finally, DNB Asset Management AS grew its position in shares of Canadian Solar by 31.4% in the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock valued at $13,083,000 after purchasing an additional 211,820 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Roth Mkm cut their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. The Goldman Sachs Group decreased their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, August 26th. Oppenheimer cut their price target on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Finally, Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.03.

Canadian Solar Price Performance

Shares of CSIQ opened at $13.52 on Monday. The firm has a fifty day simple moving average of $13.77 and a two-hundred day simple moving average of $15.36. The firm has a market cap of $894.47 million, a PE ratio of 4.66, a P/E/G ratio of 4.92 and a beta of 1.31. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. Canadian Solar Inc. has a 1-year low of $11.41 and a 1-year high of $26.85.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period last year, the firm posted $2.39 earnings per share. The business’s revenue for the quarter was down 30.8% on a year-over-year basis. On average, equities analysts anticipate that Canadian Solar Inc. will post 0.12 EPS for the current 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.