Bank of Nova Scotia Sells 48,825 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Key Points

• Bank of Nova Scotia reduced its stake in Canadian Solar Inc. by 51.4% in Q1, holding approximately 46,192 shares worth about $400,000 as of its last SEC filing.
• Canadian Solar reported a quarterly earnings of ($1.07) per share, exceeding analyst expectations, with revenue of $1.20 billion, a decline of 10% year-over-year.
• Analysts have mixed ratings for Canadian Solar, with an average price target of $14.39 and various firms assigning ratings from "sell" to "buy" based on recent performance and market conditions.

Bank of Nova Scotia trimmed its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 51.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,192 shares of the solar energy provider's stock after selling 48,825 shares during the period. Bank of Nova Scotia owned 0.07% of Canadian Solar worth $400,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CSIQ. Templeton & Phillips Capital Management LLC increased its stake in Canadian Solar by 14.6% during the 1st quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock worth $125,000 after purchasing an additional 1,843 shares in the last quarter. Wells Fargo & Company MN lifted its holdings 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 purchasing an additional 3,347 shares in the last quarter. Shell Asset Management Co. lifted its holdings in shares of Canadian Solar by 11.4% in the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider's stock valued at $450,000 after purchasing an additional 4,134 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Canadian Solar by 6.7% in the fourth quarter. NewEdge Advisors LLC now owns 75,481 shares of the solar energy provider's stock valued at $839,000 after purchasing an additional 4,717 shares in the last quarter. Finally, Mariner LLC lifted its holdings in shares of Canadian Solar by 100.0% in the fourth quarter. Mariner LLC now owns 20,000 shares of the solar energy provider's stock valued at $222,000 after purchasing an additional 10,000 shares in the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Price Performance

Shares of CSIQ stock traded down $0.16 during trading on Tuesday, hitting $11.42. The company had a trading volume of 513,238 shares, compared to its average volume of 1,626,511. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.80 and a current ratio of 1.07. The firm has a market capitalization of $764.80 million, a P/E ratio of -22.84 and a beta of 1.35. The stock's 50-day moving average price is $11.81 and its 200 day moving average price is $10.37. Canadian Solar Inc. has a one year low of $6.57 and a one year high of $19.55.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share for the quarter, topping 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 firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.11 billion. During the same period in the prior year, the company earned $0.19 earnings per share. The company's quarterly revenue was down 10.0% on a year-over-year basis. Equities analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Roth Capital set a $11.00 target price on Canadian Solar and gave the company a "neutral" rating in a research report on Friday, May 16th. Mizuho lowered their price target on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a research report on Monday, June 2nd. Wells Fargo & Company boosted their price target on 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 boosted their price target on Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a research report on Friday, May 16th. Finally, Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Canadian Solar has a consensus rating of "Hold" and an average price target of $14.39.

About Canadian Solar

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.