SG Americas Securities LLC Buys 204,623 Shares of Canadian Solar Inc. $CSIQ

SG Americas Securities LLC lifted its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 646.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 236,289 shares of the solar energy provider’s stock after purchasing an additional 204,623 shares during the quarter. SG Americas Securities LLC owned about 0.35% of Canadian Solar worth $3,081,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Inceptionr LLC purchased a new stake in shares of Canadian Solar in the second quarter valued at $152,000. Counterpoint Mutual Funds LLC bought a new position in Canadian Solar during the 2nd quarter valued at about $382,000. Mackenzie Financial Corp raised its position in Canadian Solar by 7.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after purchasing an additional 405,800 shares during the period. Legal & General Group Plc raised its position in Canadian Solar by 21.7% in the 2nd quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock worth $20,039,000 after purchasing an additional 324,254 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake 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. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CSIQ shares. The Goldman Sachs Group increased their price target on Canadian Solar from $9.00 to $10.00 and gave the stock a “sell” rating in a report on Wednesday, October 8th. Daiwa Capital Markets raised Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price objective on the stock in a research report on Tuesday, December 2nd. Roth Capital lifted their target price on Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. upped their price target on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an “underweight” rating in a report on Friday, November 14th. Finally, Zacks Research raised shares of Canadian Solar from a “strong sell” rating to a “hold” rating in a research note on Friday, September 19th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $19.85.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ opened at $20.25 on Tuesday. The firm has a 50 day moving average of $24.96 and a 200 day moving average of $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 company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -56.25 and a beta of 1.26. Canadian Solar Inc. has a 52 week low of $6.57 and a 52 week high of $34.59.

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

Canadian Solar Profile

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.