Canadian Solar Inc. (NASDAQ:CSIQ) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 95.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,686 shares of the solar energy provider's stock after selling 608,294 shares during the quarter. Bank of America Corp DE's holdings in Canadian Solar were worth $297,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Wells Fargo & Company MN increased its position in shares of Canadian Solar by 184.0% in the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock valued at $57,000 after buying an additional 3,347 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of Canadian Solar by 6.7% in the 4th quarter. NewEdge Advisors LLC now owns 75,481 shares of the solar energy provider's stock worth $839,000 after buying an additional 4,717 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Canadian Solar by 28.6% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,193 shares of the solar energy provider's stock valued at $466,000 after acquiring an additional 8,505 shares during the last quarter. Mariner LLC increased its holdings in Canadian Solar by 100.0% during the 4th quarter. Mariner LLC now owns 20,000 shares of the solar energy provider's stock valued at $222,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Sciencast Management LP acquired a new position in Canadian Solar during the fourth quarter worth about $113,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

Canadian Solar Trading Down 6.9%

Shares of NASDAQ:CSIQ traded down $0.76 during midday trading on Tuesday, reaching $10.33. The company's stock had a trading volume of 1,328,662 shares, compared to its average volume of 1,857,809. The firm has a market cap of $691.80 million, a price-to-earnings ratio of -20.66 and a beta of 1.38. The business has a 50 day moving average price of $9.66 and a 200 day moving average price of $10.31. Canadian Solar Inc. has a 1 year low of $6.57 and a 1 year high of $19.55. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.84.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, beating the consensus estimate of ($1.50) by $0.43. Canadian Solar had a negative return on equity of 4.34% and a negative net margin of 0.18%. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.11 billion. During the same quarter in the previous year, the business earned $0.19 EPS. The firm's revenue was down 10.0% on a year-over-year basis. Research analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CSIQ shares. Wall Street Zen upgraded shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Roth Capital set a $11.00 target price on Canadian Solar and gave the company a "neutral" rating in a research note on Friday, May 16th. Mizuho dropped their price target on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research report on Monday, June 2nd. The Goldman Sachs Group boosted their price target on Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a report on Friday, May 16th. Finally, Citigroup upgraded Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price objective on the stock in a research report on Thursday, April 17th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $14.74.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.