Pinpoint Asset Management Singapore Pte. Ltd. Decreases Stake in Canadian Solar Inc. $CSIQ

Pinpoint Asset Management Singapore Pte. Ltd. lowered its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 99.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 54,005 shares of the solar energy provider’s stock after selling 19,953,498 shares during the quarter. Canadian Solar comprises 0.3% of Pinpoint Asset Management Singapore Pte. Ltd.’s investment portfolio, making the stock its 28th largest holding. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in Canadian Solar were worth $1,284,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CSIQ. Raymond James Financial Inc. purchased a new stake in Canadian Solar in the 2nd quarter worth about $33,000. Caitong International Asset Management Co. Ltd increased its holdings in Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in Canadian Solar during the 4th quarter valued at about $48,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after buying an additional 312 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Canadian Solar during the 3rd quarter valued at about $73,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Insider Activity

In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The disclosure for this sale is available in the SEC filing. 21.50% of the stock is currently owned by insiders.

Canadian Solar Stock Up 6.2%

CSIQ stock opened at $16.73 on Friday. 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 firm has a market capitalization of $1.13 billion, a PE ratio of -6.64 and a beta of 1.50. The stock has a 50-day simple moving average of $16.14 and a two-hundred day simple moving average of $19.13.

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

Analysts Set New Price Targets

A number of research firms have weighed in on CSIQ. Wall Street Zen raised Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Wells Fargo & Company reduced their target price on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, April 8th. Freedom Capital lowered Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Oppenheimer reduced their target price on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, March 20th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Canadian Solar has an average rating of “Reduce” and a consensus target price of $18.36.

Canadian Solar Company 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.