Bank of America Corp DE Acquires New Holdings in Canadian Solar Inc. $CSIQ

Bank of America Corp DE bought a new stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,269,855 shares of the solar energy provider's stock, valued at approximately $151,417,000. Bank of America Corp DE owned about 1.87% of Canadian Solar at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Caisse de depot et placement du Quebec purchased a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $2,262,141,000. Deutsche Bank AG acquired a new position in Canadian Solar during the second quarter worth $722,850,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Canadian Solar during the second quarter worth $676,361,000. BlackRock Inc. purchased a new position in shares of Canadian Solar during the second quarter worth $85,219,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Canadian Solar in the second quarter valued at $631,683,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

Analyst Upgrades and Downgrades

CSIQ has been the topic of several research analyst reports. Wall Street Zen downgraded Canadian Solar from a "sell" rating to a "strong sell" rating in a report on Saturday, August 29th. Wells Fargo & Company lowered their target price on Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating for the company in a report on Monday, August 31st. Mizuho dropped their target price on Canadian Solar from $18.00 to $17.00 and set a "neutral" rating for the company 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 research note on Thursday, August 27th. Finally, Glj Research reissued a "sell" rating and set a $5.58 price target on shares of Canadian Solar in a research report on Thursday, August 27th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, Canadian Solar has a consensus rating of "Reduce" and an average price target of $17.75.

Canadian Solar Stock Up 3.6%

Canadian Solar stock opened at $11.75 on Friday. Canadian Solar Inc. has a twelve month low of $11.10 and a twelve month high of $34.59. The stock's fifty day simple moving average is $14.31 and its 200-day simple moving average is $15.34. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $797.83 million, a P/E ratio of -3.06 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The firm's revenue was down 28.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.53) earnings per share. As a group, equities analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Canadian Solar Profile

Canadian Solar Inc NASDAQ: CSIQ is a solar technology and renewable energy company founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario. The company designs and manufactures solar photovoltaic modules and provides related products, including battery energy storage systems, inverters and other equipment used in commercial, industrial and utility-scale renewable energy installations.

Through its CSI Solar business, Canadian Solar supplies solar modules and delivers integrated energy solutions, including engineering, procurement and construction services.

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