AI Squared Management Ltd Makes New $7.08 Million Investment in Canadian Solar Inc. $CSIQ

Key Points

• AI Squared Management Ltd opened a new position in Canadian Solar, buying 297,800 shares worth about $7.08 million. The stake makes CSIQ its 4th-largest holding and represents about 0.44% of the company.
• Institutional interest remains active, with firms like JPMorgan Chase, UBS Group, and several others also boosting or initiating positions. Hedge funds and other institutions now own 52.36% of Canadian Solar’s stock.
• Analysts remain cautious on the stock: the consensus rating is “Reduce” with an average price target of $18.36. Canadian Solar also reported a smaller-than-expected loss and stronger-than-expected revenue in its latest quarter, though revenue still fell 9.9% year over year.

AI Squared Management Ltd acquired a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 297,800 shares of the solar energy provider's stock, valued at approximately $7,079,000. Canadian Solar comprises about 8.2% of AI Squared Management Ltd's holdings, making the stock its 4th biggest position. AI Squared Management Ltd owned 0.44% of Canadian Solar as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in Canadian Solar by 206.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider's stock worth $7,457,000 after buying an additional 385,355 shares during the last quarter. UBS Group AG raised its position in Canadian Solar by 71.3% during the 4th quarter. UBS Group AG now owns 399,963 shares of the solar energy provider's stock worth $9,507,000 after buying an additional 166,412 shares during the last quarter. Polunin Capital Partners Ltd purchased a new position in Canadian Solar during the 4th quarter worth $43,692,000. Hussman Strategic Advisors Inc. purchased a new position in Canadian Solar during the 4th quarter worth $2,995,000. Finally, GF Fund Management CO. LTD. purchased a new position in Canadian Solar during the 4th quarter worth $6,260,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

Insider Activity

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the firm'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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. Additional details regarding this sale are available in the official SEC disclosure. 21.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CSIQ. Roth Mkm cut their price target on shares of Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 23rd. Freedom Capital downgraded shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Mizuho cut their price target on shares of Canadian Solar from $19.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 23rd. Oppenheimer cut their price target on shares of Canadian Solar from $38.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, March 20th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Canadian Solar in a report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $18.36.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $15.76 on Friday. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -6.25 and a beta of 1.50. Canadian Solar Inc. has a 52 week low of $9.41 and a 52 week high of $34.59. The company's 50-day moving average price is $16.07 and its 200 day moving average price is $19.14. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating analysts' consensus estimates of ($1.06) by $0.35. The firm had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm's revenue was down 9.9% on a year-over-year basis. During the same period in the prior year, the company earned ($1.07) EPS. As a group, research analysts forecast that Canadian Solar Inc. will post -1.16 earnings per share for the current fiscal year.

Canadian Solar 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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