Byrne Asset Management LLC Takes Position in Canadian Solar Inc. $CSIQ

Key Points

• Byrne Asset Management LLC invested approximately $448,000 in Canadian Solar Inc., acquiring 40,575 shares in the second quarter, representing a 0.06% ownership stake.
• Several institutional investors, including IvyRock Asset Management and Invesco, have significantly increased their holdings in Canadian Solar, which now has 52.36% ownership by institutional investors.
• Analysts have lowered price targets for Canadian Solar, with Wells Fargo reducing its target from $11.00 to $10.00 and Mizuho from $17.00 to $15.00, reflecting a cautious outlook for the company.

Byrne Asset Management LLC bought a new position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 40,575 shares of the solar energy provider's stock, valued at approximately $448,000. Byrne Asset Management LLC owned about 0.06% of Canadian Solar at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IvyRock Asset Management HK Ltd raised its stake in shares of Canadian Solar by 87.8% in the first quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider's stock valued at $22,557,000 after acquiring an additional 1,219,200 shares during the period. Charles Schwab Investment Management Inc. increased its position in Canadian Solar by 38.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 251,204 shares of the solar energy provider's stock worth $2,173,000 after purchasing an additional 70,412 shares in the last quarter. Aberdeen Group plc raised its position in shares of Canadian Solar by 109.2% in the 1st quarter. Aberdeen Group plc now owns 97,145 shares of the solar energy provider's stock valued at $840,000 after purchasing an additional 50,714 shares in the last quarter. Cerity Partners LLC boosted its position in Canadian Solar by 52.2% during the 1st quarter. Cerity Partners LLC now owns 374,966 shares of the solar energy provider's stock worth $3,243,000 after acquiring an additional 128,669 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. raised its stake in shares of Canadian Solar by 60.4% during the 1st quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 1,115,861 shares of the solar energy provider's stock worth $9,652,000 after purchasing an additional 420,000 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

Shares of CSIQ traded down $0.07 during trading hours on Friday, reaching $11.70. The company had a trading volume of 3,321,297 shares, compared to its average volume of 1,872,724. The company has a market capitalization of $783.55 million, a price-to-earnings ratio of -19.50 and a beta of 1.16. Canadian Solar Inc. has a 12-month low of $6.57 and a 12-month high of $19.55. The firm has a 50 day simple moving average of $11.64 and a 200-day simple moving average of $10.52. The company has a current ratio of 1.09, a quick ratio of 0.87 and a debt-to-equity ratio of 0.98.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings data on Thursday, August 21st. The solar energy provider reported ($0.53) earnings per share for the quarter, missing the consensus estimate of $0.76 by ($1.29). Canadian Solar had a negative return on equity of 4.97% and a negative net margin of 0.12%.The company had revenue of $1.69 billion for the quarter, compared to analysts' expectations of $1.90 billion. During the same quarter in the previous year, the company earned $0.02 earnings per share. The company's revenue was up 3.6% on a year-over-year basis. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Research analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on CSIQ. Wells Fargo & Company dropped their price objective on Canadian Solar from $11.00 to $10.00 and set an "equal weight" rating for the company in a report on Wednesday, September 3rd. UBS Group decreased their price objective on Canadian Solar from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday. Zacks Research cut Canadian Solar from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 21st. JPMorgan Chase & Co. lifted their target price on shares of Canadian Solar from $7.00 to $8.00 and gave the stock an "underweight" rating in a research report on Friday. Finally, Mizuho reduced their target price on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, August 22nd. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Canadian Solar presently has a consensus rating of "Hold" and an average target price of $11.64.

Canadian Solar 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.