Park West Asset Management LLC Invests $31.39 Million in Canadian Solar Inc. (CSIQ) Stock

Park West Asset Management LLC purchased a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,929,111 shares of the solar energy provider’s stock, valued at approximately $31,387,000. Canadian Solar comprises 1.4% of Park West Asset Management LLC’s investment portfolio, making the stock its 24th largest position.

A number of other hedge funds also recently added to or reduced their stakes in CSIQ. Element Capital Management LLC bought a new position in shares of Canadian Solar during the 1st quarter worth approximately $456,000. Bayesian Capital Management LP bought a new position in shares of Canadian Solar during the 1st quarter worth approximately $303,000. Van ECK Associates Corp lifted its position in shares of Canadian Solar by 7.5% during the 1st quarter. Van ECK Associates Corp now owns 56,836 shares of the solar energy provider’s stock worth $925,000 after buying an additional 3,963 shares in the last quarter. BlackRock Inc. lifted its position in shares of Canadian Solar by 1.0% during the 1st quarter. BlackRock Inc. now owns 2,478,858 shares of the solar energy provider’s stock worth $40,331,000 after buying an additional 25,550 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Canadian Solar by 411.7% during the 1st quarter. KBC Group NV now owns 59,433 shares of the solar energy provider’s stock worth $967,000 after buying an additional 47,819 shares in the last quarter. Institutional investors and hedge funds own 39.08% of the company’s stock.

NASDAQ:CSIQ opened at $12.44 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $707.64 million, a P/E ratio of 11.96, a P/E/G ratio of 0.24 and a beta of 2.46. Canadian Solar Inc. has a 12 month low of $12.04 and a 12 month high of $19.09.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Wednesday, May 16th. The solar energy provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.34. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Canadian Solar had a net margin of 3.78% and a return on equity of 10.51%. Canadian Solar’s revenue was up 110.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.23) EPS. sell-side analysts expect that Canadian Solar Inc. will post 1.97 EPS for the current year.

CSIQ has been the topic of several recent analyst reports. ValuEngine cut shares of Canadian Solar from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 13th. B. Riley set a $18.00 target price on shares of Canadian Solar and gave the stock a “neutral” rating in a research report on Thursday, March 15th. UBS Group initiated coverage on shares of Canadian Solar in a research report on Thursday, March 15th. They set a “sell” rating and a $15.00 target price on the stock. Oppenheimer dropped their target price on shares of Canadian Solar from $32.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 20th. Finally, JPMorgan Chase & Co. cut shares of Canadian Solar from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $17.51 to $17.00 in a research report on Tuesday, March 27th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $17.67.

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 primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

Want to see what other hedge funds are holding CSIQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Solar Inc. (NASDAQ:CSIQ).

Institutional Ownership by Quarter for Canadian Solar (NASDAQ:CSIQ)

Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply