Canadian Solar Inc. $CSIQ Shares Bought by Shah Capital Management

Key Points

• Shah Capital Management increased its stake in Canadian Solar Inc. by 9.2% in the first quarter, making it the sixth largest holding in its portfolio with about $16.5 million in shares.
• Other institutional investors also notably increased their positions, with IvyRock Asset Management raising its ownership by 87.8%, reflecting growing interest in Canadian Solar.
• Analysts have set a consensus price target of $14.39 for Canadian Solar, with varying outlooks including four Buy ratings and one Sell rating from different analysts.

Shah Capital Management boosted its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 9.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,906,285 shares of the solar energy provider's stock after buying an additional 160,739 shares during the quarter. Canadian Solar accounts for approximately 3.4% of Shah Capital Management's portfolio, making the stock its 6th largest holding. Shah Capital Management owned 2.88% of Canadian Solar worth $16,489,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd acquired a new position in Canadian Solar during the first quarter worth $39,000. Wells Fargo & Company MN raised its stake in shares of Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock worth $57,000 after buying an additional 3,347 shares during the last quarter. Summit Securities Group LLC raised its stake in shares of Canadian Solar by 598.5% during the 1st quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock worth $61,000 after buying an additional 6,015 shares during the last quarter. Templeton & Phillips Capital Management LLC boosted its position in shares of Canadian Solar by 14.6% in the 1st quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock worth $125,000 after buying an additional 1,843 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Canadian Solar during the 1st quarter valued at about $157,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CSIQ has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on shares of Canadian Solar from $8.00 to $9.00 and gave the company a "sell" rating in a report on Friday, May 16th. Zacks Research lowered Canadian Solar from a "hold" rating to a "strong sell" rating in a research note on Thursday. Citigroup dropped their price target on Canadian Solar from $12.50 to $11.00 and set a "neutral" rating for the company in a research report on Thursday. Mizuho cut their price target on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a report on Friday. Finally, Roth Capital set a $11.00 price objective on Canadian Solar and gave the company a "neutral" rating in a research note on Friday, May 16th. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $13.02.

Canadian Solar Trading Up 2.7%

NASDAQ:CSIQ traded up $0.30 during mid-day trading on Monday, reaching $11.37. The company's stock had a trading volume of 757,234 shares, compared to its average volume of 1,629,691. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.09 and a quick ratio of 0.87. The stock has a market cap of $761.45 million, a P/E ratio of -18.96 and a beta of 1.35. The company's fifty day simple moving average is $11.95 and its two-hundred day simple moving average is $10.48. Canadian Solar Inc. has a twelve month low of $6.57 and a twelve month high of $19.55.

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. On average, equities analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current year.

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.