Canadian Solar Inc. (NASDAQ:CSIQ) Shares Purchased by Shah Capital Management

Shah Capital Management boosted its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 825.6% in the fourth quarter, HoldingsChannel reports. The fund owned 1,745,546 shares of the solar energy provider’s stock after buying an additional 1,556,964 shares during the quarter. Canadian Solar accounts for 3.9% of Shah Capital Management’s portfolio, making the stock its 6th biggest holding. Shah Capital Management’s holdings in Canadian Solar were worth $19,410,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. USCF Advisers LLC raised its stake in shares of Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after purchasing an additional 1,000 shares in the last quarter. Quarry LP purchased a new stake in shares of Canadian Solar during the 2nd quarter worth about $31,000. Miracle Mile Advisors LLC purchased a new stake in shares of Canadian Solar during the 4th quarter worth about $133,000. Daiwa Securities Group Inc. raised its stake in shares of Canadian Solar by 20.3% during the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Private Advisor Group LLC purchased a new stake in shares of Canadian Solar during the 3rd quarter worth about $219,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CSIQ shares. Jefferies Financial Group started coverage on Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 price target for the company. Mizuho initiated coverage on Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective on the stock. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 17th. Citigroup downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their price objective for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Finally, The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their price objective for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Five research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $18.31.

Canadian Solar Price Performance

Shares of CSIQ stock opened at $10.96 on Monday. Canadian Solar Inc. has a 12 month low of $10.22 and a 12 month high of $24.32. The stock has a 50 day moving average of $11.83 and a 200-day moving average of $13.38. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the previous year, the company earned $0.32 earnings per share. The company’s quarterly revenue was down 18.4% compared to the same quarter last year. Research analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current year.

Canadian Solar Company Profile

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.