Acadian Asset Management LLC lessened its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 56.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 140,347 shares of the solar energy provider’s stock after selling 184,031 shares during the period. Acadian Asset Management LLC owned approximately 0.24% of Canadian Solar worth $4,925,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale lifted its stake in shares of Canadian Solar by 20.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 132,000 shares of the solar energy provider’s stock worth $4,505,000 after acquiring an additional 22,000 shares during the period. Sei Investments Co. acquired a new stake in shares of Canadian Solar in the second quarter valued at about $436,000. Morgan Stanley lifted its stake in shares of Canadian Solar by 16.3% in the first quarter. Morgan Stanley now owns 2,031,349 shares of the solar energy provider’s stock valued at $32,319,000 after purchasing an additional 284,991 shares during the period. Standard Life Aberdeen plc lifted its stake in shares of Canadian Solar by 1.4% in the third quarter. Standard Life Aberdeen plc now owns 36,968 shares of the solar energy provider’s stock valued at $1,298,000 after purchasing an additional 495 shares during the period. Finally, Trexquant Investment LP acquired a new stake in shares of Canadian Solar in the second quarter valued at about $334,000. Institutional investors own 40.17% of the company’s stock.
CSIQ has been the subject of several recent analyst reports. Roth Capital raised their price objective on shares of Canadian Solar from $32.00 to $50.00 and gave the company a “buy” rating in a research note on Friday. Oppenheimer raised their price objective on shares of Canadian Solar from $33.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. raised their price objective on shares of Canadian Solar from $30.00 to $35.00 and gave the company a “neutral” rating in a research note on Wednesday, October 21st. The Goldman Sachs Group lifted their target price on shares of Canadian Solar from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, November 9th. Finally, ValuEngine upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, October 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $37.17.
Shares of CSIQ opened at $38.43 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.95 and a debt-to-equity ratio of 0.37. The stock has a market cap of $2.28 billion, a P/E ratio of 9.02, a PEG ratio of 0.63 and a beta of 1.44. The company has a 50-day moving average of $38.79 and a two-hundred day moving average of $27.20. Canadian Solar Inc. has a 12-month low of $12.00 and a 12-month high of $44.86.
Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Wednesday, November 18th. The solar energy provider reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.20. The company had revenue of $914.36 million during the quarter, compared to analysts’ expectations of $860.54 million. Canadian Solar had a net margin of 8.04% and a return on equity of 13.22%. During the same quarter in the previous year, the business posted $0.96 earnings per share. As a group, analysts forecast that Canadian Solar Inc. will post 1.91 EPS for the current fiscal year.
About Canadian Solar
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products. The company operates through two segments, Module and System Solutions (MSS), and Energy. The MSS segment engages in the design, development, manufacture, and sale of a range of solar power products, including standard solar modules, specialty solar products, and solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories.
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