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

SG Americas Securities LLC lessened its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 37.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,210 shares of the solar energy provider’s stock after selling 36,249 shares during the period. SG Americas Securities LLC’s holdings in Canadian Solar were worth $848,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CSIQ. Hsbc Holdings PLC bought a new stake in shares of Canadian Solar in the 4th quarter valued at about $278,000. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Canadian Solar in the fourth quarter worth $1,140,000. Caitong International Asset Management Co. Ltd lifted its position in Canadian Solar by 427.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 16,879 shares of the solar energy provider’s stock worth $401,000 after acquiring an additional 13,681 shares during the period. Virtu Financial LLC acquired a new stake in shares of Canadian Solar during the fourth quarter worth about $410,000. Finally, Voloridge Investment Management LLC acquired a new stake in Canadian Solar during the 4th quarter valued at approximately $6,013,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 21.50% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CSIQ. Oppenheimer decreased their price objective on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, March 20th. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Roth Mkm decreased their target price 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. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar presently has an average rating of “Reduce” and an average price target of $18.66.

Canadian Solar Stock Performance

CSIQ opened at $14.45 on Monday. The business has a fifty day simple moving average of $16.94 and a 200-day simple moving average of $18.11. The firm has a market cap of $981.15 million, a P/E ratio of -5.73 and a beta of 1.51. Canadian Solar Inc. has a 52 week low of $9.41 and a 52 week 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.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.35. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The business’s revenue was down 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.07) earnings per share. On average, equities analysts expect that Canadian Solar Inc. will post -1.81 earnings per share for the current 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.