Bank of America Corp DE Buys 748,933 Shares of Canadian Solar Inc. $CSIQ

Key Points

• Bank of America purchased 748,933 Canadian Solar shares during the second quarter, worth approximately $12 million and representing about 1.10% of the company. Institutional investors collectively own 52.36% of CSIQ.
• Canadian Solar’s stock was trading near its 52-week low at $10.80, down 1.4%, after the company reported a $1.40 quarterly loss per share that significantly missed estimates, while revenue fell 28.7% year over year.
• Analyst sentiment remains cautious: CSIQ has a consensus “Reduce” rating, a $17.75 average price target, and several recent target-price cuts and downgrades.

Bank of America Corp DE purchased a new position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 748,933 shares of the solar energy provider's stock, valued at approximately $11,998,000. Bank of America Corp DE owned about 1.10% of Canadian Solar as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in shares of Canadian Solar during the second quarter valued at approximately $96,000. Jones Financial Companies Lllp purchased a new position in shares of Canadian Solar in the 2nd quarter valued at approximately $100,000. Danske Bank A S bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $100,000. EFG International AG purchased a new stake in Canadian Solar in the second quarter worth $161,000. Finally, Kelleher Financial Advisors purchased a new position in Canadian Solar during the second quarter valued at $186,000. 52.36% of the stock is owned by institutional investors.

Canadian Solar Stock Down 1.4%

NASDAQ CSIQ opened at $10.80 on Friday. Canadian Solar Inc. has a 52 week low of $10.69 and a 52 week high of $34.59. The company has a quick ratio of 0.78, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $733.32 million, a P/E ratio of -2.81 and a beta of 1.51. The stock's 50-day moving average price is $13.87 and its 200-day moving average price is $15.13.

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 analysts' consensus estimates of ($0.18) by ($1.22). The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The company's revenue was down 28.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.53) earnings per share. On average, equities research analysts predict that Canadian Solar Inc. will post -2.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Monday, August 31st. 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. Glj Research restated a "sell" rating and issued a $5.58 price objective on shares of Canadian Solar in a report on Thursday, August 27th. Wall Street Zen downgraded shares of Canadian Solar from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 29th. Finally, Citigroup lowered their target price on shares of Canadian Solar from $18.00 to $15.00 and set a "neutral" rating for the company in a report on Thursday, August 27th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Canadian Solar has a consensus rating of "Reduce" and a consensus price target of $17.75.

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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