OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC Invests $1.14 Million in Canadian Solar Inc. $CSIQ

OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 47,962 shares of the solar energy provider’s stock, valued at approximately $1,140,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.07% of Canadian Solar as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Marshall Wace LLP increased its stake in shares of Canadian Solar by 433.1% during the 4th quarter. Marshall Wace LLP now owns 112,094 shares of the solar energy provider’s stock worth $2,664,000 after purchasing an additional 91,066 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Canadian Solar by 21.9% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 24,093 shares of the solar energy provider’s stock worth $574,000 after purchasing an additional 4,327 shares during the last quarter. Quarry LP acquired a new position in shares of Canadian Solar during the 4th quarter worth $54,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Canadian Solar during the 4th quarter worth $649,000. Finally, Brooklyn Investment Group acquired a new position in shares of Canadian Solar during the 4th quarter worth $400,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Wall Street Analyst Weigh In

CSIQ has been the topic of several analyst reports. Oppenheimer dropped their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, March 20th. Roth Mkm dropped their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 23rd. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Finally, Wells Fargo & Company lowered their target price on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 8th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, Canadian Solar presently has a consensus rating of “Reduce” and an average target price of $18.66.

Insiders Place Their Bets

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The SEC filing for this sale provides additional information. 21.50% of the stock is owned by corporate insiders.

Canadian Solar Price Performance

Shares of Canadian Solar stock opened at $16.88 on Tuesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. Canadian Solar Inc. has a fifty-two week low of $9.41 and a fifty-two week high of $34.59. The firm has a fifty day moving average price of $16.21 and a two-hundred day moving average price of $19.03. The company has a market cap of $1.14 billion, a PE ratio of -6.70 and a beta of 1.49.

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