18,962,558 Shares in Canadian Solar Inc. $CSIQ Acquired by Caisse de depot et placement du Quebec

Key Points

• Caisse de dépôt et placement du Québec acquired 18.96 million Canadian Solar shares worth approximately $2.26 billion, making up 3.2% of its portfolio and representing about 27.93% of Canadian Solar’s outstanding shares.
• Other institutional investors also established new positions, contributing to institutional ownership of 52.36% of the company.
• Analysts remain cautious: Canadian Solar has an overall “Hold” rating, with an average price target of $19.36 versus a recent share price of $14.28.

Caisse de depot et placement du Quebec bought a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,962,558 shares of the solar energy provider's stock, valued at approximately $2,262,141,000. Canadian Solar comprises 3.2% of Caisse de depot et placement du Quebec's investment portfolio, making the stock its 3rd largest position. Caisse de depot et placement du Quebec owned approximately 27.93% of Canadian Solar at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Man Group plc acquired a new position in shares of Canadian Solar in the 2nd quarter worth $21,602,000. Roberts Glore & Co. Inc. IL acquired a new stake in shares of Canadian Solar during the second quarter worth $854,000. Polar Asset Management Partners Inc. purchased a new stake in shares of Canadian Solar during the second quarter valued at $10,492,000. Jupiter Topco LLC acquired a new position in shares of Canadian Solar in the 2nd quarter valued at $6,331,000. Finally, J. Goldman & Co LP acquired a new position in shares of Canadian Solar in the 2nd quarter valued at $1,767,000. 52.36% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CSIQ shares. Freedom Capital cut Canadian Solar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and raised their target price for the stock from $11.00 to $18.00 in a report on Wednesday, July 22nd. Wall Street Zen raised shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. Finally, Mizuho boosted their price target 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. 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 currently has an average rating of "Hold" and an average target price of $19.36.

Canadian Solar Price Performance

NASDAQ CSIQ opened at $14.28 on Wednesday. The company has a 50 day simple moving average of $15.10 and a 200-day simple moving average of $16.18. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The firm has a market capitalization of $969.61 million, a price-to-earnings ratio of -5.67 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.

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.

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