Old West Investment Management LLC Takes Position in Canadian Solar Inc. $CSIQ

Old West Investment Management LLC acquired a new position in Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 46,220 shares of the solar energy provider’s stock, valued at approximately $5,511,000. Old West Investment Management LLC owned 0.07% of Canadian Solar as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in Canadian Solar by 19.3% during the 3rd quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after purchasing an additional 356,625 shares during the period. Legal & General Group Plc boosted its stake in Canadian Solar by 13.0% in the 3rd quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock worth $26,741,000 after purchasing an additional 236,115 shares during the period. Bank of America Corp DE grew its holdings in Canadian Solar by 292.7% during the 1st quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock valued at $14,840,000 after buying an additional 798,610 shares in the last quarter. Two Sigma Investments LP purchased a new stake in Canadian Solar during the 3rd quarter valued at approximately $11,544,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of 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 valued at $9,539,000 after buying an additional 145,867 shares during the last quarter. Institutional investors own 52.36% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Freedom Capital downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. 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. Mizuho raised their price objective on Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, June 15th. Finally, Citigroup raised Canadian Solar from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $11.00 to $18.00 in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $19.36.

Insider Transactions at Canadian Solar

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

Canadian Solar Stock Performance

CSIQ stock opened at $15.14 on Monday. The firm has a fifty day moving average price of $15.33 and a 200 day moving average price of $16.46. Canadian Solar Inc. has a fifty-two week low of $9.41 and a fifty-two week high of $34.59. The firm has a market cap of $1.03 billion, a PE ratio of -6.01 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.

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

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.