Canadian Solar Inc. $CSIQ Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 206.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 571,893 shares of the solar energy provider’s stock after acquiring an additional 385,355 shares during the quarter. JPMorgan Chase & Co.’s holdings in Canadian Solar were worth $7,457,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Invesco Ltd. increased its holdings in shares of Canadian Solar by 19.3% in the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after purchasing an additional 356,625 shares during the period. Legal & General Group Plc lifted its holdings in shares of Canadian Solar by 13.0% during the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after purchasing an additional 236,115 shares during the period. Two Sigma Investments LP acquired a new stake in shares of Canadian Solar during the third quarter worth $11,544,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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. Finally, BNP Paribas Financial Markets increased its stake in Canadian Solar by 18.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 661,186 shares of the solar energy provider’s stock valued at $8,622,000 after buying an additional 104,364 shares during the period. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

Canadian Solar stock opened at $12.98 on Tuesday. The company has a market cap of $869.27 million, a P/E ratio of -5.19 and a beta of 1.31. Canadian Solar Inc. has a one year low of $6.57 and a one year high of $34.59. The business has a fifty day moving average of $18.50 and a two-hundred day moving average of $19.85. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.83 and a current ratio of 1.02.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share for the quarter. The company had revenue of $1.22 billion for the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%. As a group, analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on CSIQ. Roth Mkm cut their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday. Freedom Capital raised shares of Canadian Solar from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 24th. Oppenheimer reduced their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, March 20th. Finally, Mizuho lowered their price objective on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, Canadian Solar has a consensus rating of “Hold” and an average price target of $17.66.

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.