Shah Capital Management Trims Stock Holdings in Canadian Solar Inc. $CSIQ

Shah Capital Management cut its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 42.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 970,000 shares of the solar energy provider’s stock after selling 716,285 shares during the quarter. Canadian Solar accounts for approximately 4.4% of Shah Capital Management’s holdings, making the stock its 4th biggest holding. Shah Capital Management’s holdings in Canadian Solar were worth $23,057,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in shares of Canadian Solar in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd raised its position 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 purchasing an additional 2,463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Canadian Solar by 7.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Canadian Solar in the third quarter worth $73,000. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock worth $89,000 after purchasing an additional 2,254 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ opened at $12.98 on Tuesday. The company has a market cap of $869.27 million, a price-to-earnings ratio of -5.19 and a beta of 1.31. The company has a 50-day moving average price of $18.50 and a 200-day moving average price of $19.85. The company has a current ratio of 1.02, a quick ratio of 0.83 and a debt-to-equity ratio of 0.97. Canadian Solar Inc. has a 12 month low of $6.57 and a 12 month high of $34.59.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CSIQ. Roth Mkm reduced their price objective on Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, March 23rd. Daiwa Securities Group upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a report on Tuesday, December 2nd. Mizuho reduced their price target on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a research report on Monday, March 23rd. Oppenheimer decreased their price target on Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, March 20th. Finally, Freedom Capital upgraded Canadian Solar from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently 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.