Bank of America Corp DE Reduces Stock Position in Canadian Solar Inc. (NASDAQ:CSIQ)

Bank of America Corp DE lessened its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 95.8% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,686 shares of the solar energy provider's stock after selling 608,294 shares during the period. Bank of America Corp DE's holdings in Canadian Solar were worth $297,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Barclays PLC lifted its stake in Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider's stock worth $1,932,000 after purchasing an additional 95,924 shares during the last quarter. Waterfront Wealth Inc. increased its position in shares of Canadian Solar by 16.9% during the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider's stock worth $2,059,000 after acquiring an additional 26,778 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Canadian Solar by 59.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider's stock worth $2,010,000 after acquiring an additional 67,331 shares during the period. Greenwoods Asset Management Hong Kong Ltd. purchased a new position in shares of Canadian Solar during the fourth quarter worth approximately $7,738,000. Finally, Sciencast Management LP purchased a new position in shares of Canadian Solar during the fourth quarter worth approximately $113,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Stock Up 1.4%

NASDAQ CSIQ traded up $0.15 on Friday, hitting $11.04. The stock had a trading volume of 520,061 shares, compared to its average volume of 1,859,759. The business's fifty day moving average price is $9.53 and its 200 day moving average price is $10.35. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. Canadian Solar Inc. has a 52-week low of $6.57 and a 52-week high of $19.55. The stock has a market cap of $739.37 million, a price-to-earnings ratio of -92.00, a price-to-earnings-growth ratio of 0.74 and a beta of 1.38.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.50) by $0.43. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.11 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm's quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter last year, the business posted $0.19 EPS. Equities research analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on CSIQ. Wall Street Zen raised shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Wells Fargo & Company raised their target price on shares of Canadian Solar from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Friday, May 16th. The Goldman Sachs Group raised their target price on shares of Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a research report on Friday, May 16th. Mizuho cut their price objective on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Monday, June 2nd. Finally, Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price objective on the stock in a report on Thursday, April 17th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target 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.