Bank of America Corp DE Purchases 798,610 Shares of Canadian Solar Inc. $CSIQ

Key Points

• Bank of America significantly increased its Canadian Solar stake by purchasing 798,610 shares in the first quarter, bringing its holdings to 1.07 million shares valued at approximately $14.84 million.
• Analysts remain cautious on CSIQ, with a consensus “Hold” rating and an average price target of $19.36; recent recommendations included upgrades to neutral but also downgrades to hold or sell.
• Canadian Solar shares opened at $14.73, well below their 12-month high of $34.59. The company has approximately $1.00 billion in market capitalization, while institutional investors own 52.36% of outstanding shares.

Bank of America Corp DE raised its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 292.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,071,486 shares of the solar energy provider's stock after purchasing an additional 798,610 shares during the period. Bank of America Corp DE owned approximately 1.58% of Canadian Solar worth $14,840,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider's stock valued at $63,000 after acquiring an additional 312 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Canadian Solar in the 4th quarter worth approximately $48,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Canadian Solar by 43.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider's stock valued at $164,000 after purchasing an additional 2,084 shares in the last quarter. LPL Financial LLC boosted its stake in shares of Canadian Solar by 16.7% in the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider's stock valued at $369,000 after purchasing an additional 2,219 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Canadian Solar by 38.6% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider's stock valued at $89,000 after purchasing an additional 2,254 shares during the last quarter. Institutional investors own 52.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CSIQ. Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $11.00 to $18.00 in a research report on Wednesday, July 22nd. Wall Street Zen upgraded shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. Freedom Capital cut Canadian Solar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Finally, Mizuho lifted their price objective on Canadian Solar from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $19.36.

Insider Activity

In related news, Director Leslie Li Hsien Chang sold 1,767 shares of the business'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 filing with the SEC, which is accessible through this link. 21.50% of the stock is owned by insiders.

Canadian Solar Price Performance

CSIQ stock opened at $14.73 on Friday. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -5.85 and a beta of 1.52. The firm's 50-day moving average price is $15.24 and its two-hundred day moving average price is $16.30. 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 Inc. has a 12-month low of $9.41 and a 12-month 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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