Connor Clark & Lunn Investment Management Ltd. bought a new position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 5,674,241 shares of the solar energy provider's stock, valued at approximately $676,361,000. Canadian Solar accounts for approximately 1.3% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its 14th largest position. Connor Clark & Lunn Investment Management Ltd. owned about 8.36% of Canadian Solar at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of CSIQ. Haverford Trust Co purchased a new position in shares of Canadian Solar during the 2nd quarter worth $676,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Canadian Solar in the second quarter valued at $245,000. Bank of Nova Scotia acquired a new position in Canadian Solar in the second quarter valued at $396,000. Elevation Point Wealth Partners LLC acquired a new position in Canadian Solar in the second quarter valued at $768,000. Finally, Commerce Bank purchased a new position in Canadian Solar during the second quarter worth about $3,258,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.
Canadian Solar Stock Performance
CSIQ stock opened at $14.55 on Monday. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. The company has a market cap of $987.95 million, a price-to-earnings ratio of -5.77 and a beta of 1.52. The business has a fifty day simple moving average of $15.20 and a 200-day simple moving average of $16.27. Canadian Solar Inc. has a 52 week low of $9.41 and a 52 week high of $34.59.
Insider Transactions at Canadian Solar
In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 21.50% of the company's stock.
Analysts Set New Price Targets
A number of analysts have issued reports on CSIQ shares. Citigroup raised Canadian Solar from a "sell" rating to a "neutral" rating and raised their price target for the stock from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Mizuho upped their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, June 15th. Wall Street Zen upgraded shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a report on Saturday, May 23rd. Finally, Freedom Capital cut shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $19.36.
Read Our Latest Report on CSIQ
About Canadian Solar
(
Free Report)
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.
Further Reading
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