Renaissance Technologies LLC Buys New Stake in Canadian Solar Inc. $CSIQ

Renaissance Technologies LLC purchased a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 499,702 shares of the solar energy provider’s stock, valued at approximately $6,921,000.

A number of other institutional investors also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after acquiring an additional 312 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Canadian Solar during the 4th quarter worth about $48,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Canadian Solar by 43.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider’s stock worth $164,000 after purchasing an additional 2,084 shares during the last quarter. LPL Financial LLC lifted its stake in Canadian Solar by 16.7% during the fourth quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock worth $369,000 after purchasing an additional 2,219 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its holdings 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 valued at $89,000 after purchasing an additional 2,254 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Trading Up 5.6%

NASDAQ:CSIQ opened at $16.39 on Wednesday. The company has a market capitalization of $1.11 billion, a PE ratio of -6.50 and a beta of 1.52. Canadian Solar Inc. has a 52-week low of $9.41 and a 52-week high of $34.59. The stock’s 50 day moving average price is $15.90 and its 200 day moving average price is $16.80. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm’s revenue for the quarter was down 9.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.07) earnings per share. On average, research analysts anticipate that Canadian Solar Inc. will post -1.81 EPS for the current year.

Insiders Place Their Bets

In related news, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The disclosure for this sale is available in the SEC filing. Insiders own 21.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CSIQ. Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Mizuho upped their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and increased their target price for the company from $11.00 to $18.00 in a research report on Wednesday, July 22nd. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Finally, Wells Fargo & Company reduced their price target on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 8th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $19.36.

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.