Jupiter Topco LLC Invests $6.33 Million in Canadian Solar Inc. $CSIQ

Jupiter Topco LLC bought a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 53,005 shares of the solar energy provider’s stock, valued at approximately $6,331,000. Jupiter Topco LLC owned approximately 0.08% of Canadian Solar as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. acquired a new position in Canadian Solar during the second quarter valued at approximately $25,000. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar in the second quarter worth $33,000. Caitong International Asset Management Co. Ltd raised its stake in shares of 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 valued at $42,000 after acquiring an additional 2,463 shares during the period. Optiver Holding B.V. purchased a new position in shares of Canadian Solar in the 1st quarter valued at $44,000. Finally, Quarry LP acquired a new position in shares of Canadian Solar during the 4th quarter valued at $54,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $12.33 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. The firm has a 50-day moving average of $14.88 and a two-hundred day moving average of $15.98. The stock has a market cap of $837.21 million, a P/E ratio of -3.21 and a beta of 1.52. Canadian Solar Inc. has a 1-year low of $9.41 and a 1-year high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($1.22). Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the business earned ($0.53) earnings per share. The firm’s revenue was down 28.7% on a year-over-year basis. On average, research analysts expect that Canadian Solar Inc. will post -2.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CSIQ has been the subject of a number of research reports. Wall Street Zen cut shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Saturday. Freedom Capital cut Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Citigroup decreased their target price on Canadian Solar from $18.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday. Glj Research reiterated a “sell” rating and set a $5.58 target price on shares of Canadian Solar in a report on Thursday, August 27th. Finally, Wells Fargo & Company reduced their price target on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating on the stock in a research report on Monday. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $17.75.

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.