Insider Selling: Canadian Solar (NASDAQ:CSIQ) Director Sells 1,752 Shares of Stock

Canadian Solar Inc. (NASDAQ:CSIQ) Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Canadian Solar Stock Up 8.6%

Canadian Solar stock traded up $1.44 during mid-day trading on Thursday, reaching $18.10. 3,474,368 shares of the company’s stock were exchanged, compared to its average volume of 2,996,914. The company has a market cap of $1.23 billion, a P/E ratio of -7.18 and a beta of 1.44. Canadian Solar Inc. has a twelve month low of $9.41 and a twelve month high of $34.59. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. The company has a fifty day moving average of $15.20 and a 200-day moving average of $20.07.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.35. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm’s quarterly revenue was down 9.9% on a year-over-year basis. During the same period in the prior year, the business earned ($1.07) EPS. Sell-side analysts expect that Canadian Solar Inc. will post -1.16 EPS for the current year.

Wall Street Analyst Weigh In

CSIQ has been the topic of a number of analyst reports. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Roth Mkm reduced their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Weiss Ratings restated a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Wells Fargo & Company reduced their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Finally, Wall Street Zen lowered shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a report on Monday, April 20th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $18.36.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CSIQ. Goldman Sachs Group Inc. grew its position in shares of Canadian Solar by 20.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock valued at $4,748,000 after buying an additional 92,002 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of Canadian Solar by 141.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock valued at $100,000 after buying an additional 5,338 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Canadian Solar by 20.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after buying an additional 145,867 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Canadian Solar in the 2nd quarter valued at $33,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Canadian Solar in the 2nd quarter valued at $790,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.