Bank of Nova Scotia acquired a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,335,451 shares of the solar energy provider's stock, valued at approximately $159,358,000. Bank of Nova Scotia owned approximately 1.97% of Canadian Solar at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Canadian Solar by 20.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider's stock worth $4,748,000 after acquiring an additional 92,002 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Canadian Solar by 141.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider's stock worth $100,000 after buying an additional 5,338 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Canadian Solar by 20.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider's stock valued at $9,539,000 after buying an additional 145,867 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the 2nd quarter valued at $33,000. Finally, Balyasny Asset Management L.P. bought a new stake in Canadian Solar in the second quarter valued at $790,000. 52.36% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Canadian Solar
In other news, Director Leslie Li Hsien Chang sold 1,767 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 21.50% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on CSIQ shares. Citigroup upgraded Canadian Solar from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Freedom Capital cut shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Mizuho lifted their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, June 15th. Finally, 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. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Canadian Solar has a consensus rating of "Hold" and an average price target of $19.36.
Check Out Our Latest Stock Report on Canadian Solar
Canadian Solar Trading Down 1.2%
Shares of CSIQ opened at $14.55 on Friday. The stock has a fifty day moving average price of $15.20 and a two-hundred day moving average price of $16.29. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. Canadian Solar Inc. has a 52-week low of $9.41 and a 52-week high of $34.59. The company has a market cap of $987.95 million, a price-to-earnings ratio of -5.77 and a beta of 1.52.
Canadian Solar Profile
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Free Report)
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.
See Also
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