SG Americas Securities LLC Raises Stock Position in Canadian Solar Inc. $CSIQ

SG Americas Securities LLC increased its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 646.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 236,289 shares of the solar energy provider’s stock after acquiring an additional 204,623 shares during the quarter. SG Americas Securities LLC’s holdings in Canadian Solar were worth $3,081,000 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. Goldman Sachs Group Inc. grew its holdings in Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after purchasing an additional 92,002 shares during the last quarter. Byrne Asset Management LLC purchased a new stake in shares of Canadian Solar during the 2nd quarter valued at $448,000. Counterpoint Mutual Funds LLC acquired a new stake in shares of Canadian Solar in the 2nd quarter worth $382,000. Hennessy Advisors Inc. purchased a new position in Canadian Solar during the 2nd quarter worth $143,000. Finally, Bryn Mawr Trust Advisors LLC grew its stake in Canadian Solar by 12.6% during the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 24,650 shares of the solar energy provider’s stock worth $272,000 after buying an additional 2,750 shares during the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Monday, December 29th. Citigroup reaffirmed a “sell” rating and issued a $11.00 price objective on shares of Canadian Solar in a research report on Tuesday, October 21st. Daiwa Capital Markets raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price on the stock in a research report on Tuesday, December 2nd. Roth Capital upped their price target on shares of Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, November 17th. Finally, The Goldman Sachs Group lifted their price objective on shares of Canadian Solar from $9.00 to $10.00 and gave the stock a “sell” rating in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $19.85.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $20.25 on Tuesday. Canadian Solar Inc. has a 52 week low of $6.57 and a 52 week high of $34.59. The business’s 50 day moving average price is $24.96 and its 200 day moving average price is $17.15. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93. The firm has a market cap of $1.36 billion, a P/E ratio of -56.25 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, beating the consensus estimate of ($1.08) by $0.50. The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.31) EPS. On average, sell-side analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

About Canadian Solar

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.