Robotti Robert Boosts Stake in Canadian Solar Inc. (NASDAQ:CSIQ)

Robotti Robert boosted its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 55.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 487,880 shares of the solar energy provider’s stock after acquiring an additional 173,499 shares during the quarter. Canadian Solar comprises approximately 1.0% of Robotti Robert’s portfolio, making the stock its 24th biggest holding. Robotti Robert owned about 0.74% of Canadian Solar worth $5,425,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CSIQ. Vanguard Group Inc. grew its stake in shares of Canadian Solar by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider’s stock worth $22,544,000 after purchasing an additional 23,355 shares during the period. Shah Capital Management grew its position in Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after buying an additional 1,556,964 shares during the period. IvyRock Asset Management HK Ltd purchased a new position in Canadian Solar in the fourth quarter valued at about $15,440,000. Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in shares of Canadian Solar during the 4th quarter valued at approximately $7,738,000. Finally, State Street Corp boosted its stake in shares of Canadian Solar by 5.6% during the 3rd quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after acquiring an additional 25,901 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Price Performance

Canadian Solar stock opened at $9.94 on Thursday. Canadian Solar Inc. has a 1 year low of $9.19 and a 1 year high of $21.05. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The firm has a 50 day moving average price of $10.33 and a 200 day moving average price of $12.08. The company has a market cap of $657.62 million, a price-to-earnings ratio of -82.83, a PEG ratio of 0.74 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($1.26). Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same period in the prior year, the firm earned ($0.02) earnings per share. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. Sell-side analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently issued reports on CSIQ shares. Wells Fargo & Company reduced their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Citigroup cut their target price on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating for the company in a research note on Wednesday. Mizuho began coverage on shares of Canadian Solar in a research note on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Finally, The Goldman Sachs Group cut their price objective on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research report on Wednesday. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $17.84.

Canadian Solar 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.