Canadian Solar Inc. $CSIQ Stock Holdings Boosted by Crystal Cove Asset Management LLC

Crystal Cove Asset Management LLC raised its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 50.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,311,900 shares of the solar energy provider’s stock after buying an additional 441,400 shares during the quarter. Canadian Solar comprises 22.8% of Crystal Cove Asset Management LLC’s portfolio, making the stock its 2nd biggest position. Crystal Cove Asset Management LLC owned 1.93% of Canadian Solar worth $15,113,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Caisse de depot et placement du Quebec bought a new position in Canadian Solar during the 2nd quarter worth approximately $2,262,141,000. Wellington Management Group LLP acquired a new position in Canadian Solar during the second quarter valued at approximately $1,018,259,000. Deutsche Bank AG acquired a new position in Canadian Solar during the second quarter valued at approximately $722,850,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Canadian Solar during the second quarter valued at approximately $676,361,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Canadian Solar in the second quarter valued at approximately $631,683,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Trading Down 1.6%

NASDAQ:CSIQ opened at $9.88 on Friday. 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 business’s 50-day simple moving average is $10.90 and its 200-day simple moving average is $14.87. Canadian Solar Inc. has a fifty-two week low of $8.79 and a fifty-two week high of $34.59. The stock has a market capitalization of $670.85 million, a PE ratio of -2.57 and a beta of 1.50.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($1.22). The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%. Canadian Solar’s revenue for the quarter was down 28.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.53) earnings per share. Sell-side analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on CSIQ shares. Citigroup cut their target price on shares of Canadian Solar from $18.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, August 27th. Roth Capital set a $15.00 price target on shares of Canadian Solar in a research report on Friday, August 28th. Weiss Ratings lowered shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, August 27th. Mizuho lowered their price objective on shares of Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, August 28th. Finally, UBS Group lowered their price objective on shares of Canadian Solar from $25.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, October 14th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Canadian Solar has an average rating of “Reduce” and a consensus target price of $15.84.

About Canadian Solar

Canadian Solar Inc. is a global solar technology and renewable energy company founded in 2001 by Shawn Qu. The company manufactures photovoltaic solar modules and battery energy storage products for residential, commercial and utility-scale applications. Through its project development and services businesses, including Recurrent Energy, Canadian Solar develops, builds and operates solar power and energy storage projects. Its products and projects serve customers in markets around the world. Founder Shawn Qu has served as the company’s chairman and chief executive officer.