Polar Asset Management Partners Inc. Makes New $10.49 Million Investment in Canadian Solar Inc. $CSIQ

Polar Asset Management Partners Inc. bought a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 88,072 shares of the solar energy provider’s stock, valued at approximately $10,492,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its holdings in Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock valued at $4,748,000 after buying an additional 92,002 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in Canadian Solar by 141.9% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider’s stock worth $100,000 after purchasing an additional 5,338 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Canadian Solar by 20.9% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock worth $9,539,000 after purchasing an additional 145,867 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the second quarter valued at $33,000. Finally, Balyasny Asset Management L.P. purchased a new position in shares of Canadian Solar in the second quarter valued at $790,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Performance

Shares of CSIQ opened at $14.28 on Wednesday. Canadian Solar Inc. has a 1 year low of $9.41 and a 1 year high of $34.59. The company’s 50 day simple moving average is $15.10 and its 200 day simple moving average is $16.18. The company has a market capitalization of $969.61 million, a price-to-earnings ratio of -5.67 and a beta of 1.52. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06.

Analyst Ratings Changes

Several equities research analysts recently commented on CSIQ shares. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and increased their price objective for the company from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Freedom Capital cut Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Finally, Mizuho boosted their price target on Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, June 15th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.