Canadian Solar Inc. $CSIQ Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial trimmed its position in Canadian Solar by 4.5% (selling 265,350 shares) and now holds 5,619,515 shares—about 8.39% of the company valued at $73.3 million; institutional investors own 52.36% of the stock.
• Analysts are sharply divided: UBS raised its price target to $37 with a "buy," while others range from "buy" to "sell," leaving a MarketBeat consensus rating of "Reduce" and an average price target of $19.85.
• Canadian Solar shares opened at $17.69 (52-week range $6.57–$34.59) with a market cap of $1.18 billion and a negative trailing P/E of -49.14, reflecting the company is currently loss-making.

Mackenzie Financial Corp trimmed its position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 4.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,619,515 shares of the solar energy provider's stock after selling 265,350 shares during the quarter. Mackenzie Financial Corp owned about 8.39% of Canadian Solar worth $73,278,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CSIQ. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $33,000. CANADA LIFE ASSURANCE Co lifted its holdings in Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider's stock valued at $89,000 after acquiring an additional 2,254 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in Canadian Solar by 141.9% in the second 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 acquiring an additional 5,338 shares during the period. Inceptionr LLC purchased a new position in Canadian Solar in the second quarter worth approximately $152,000. Finally, PharVision Advisers LLC acquired a new stake in Canadian Solar during the second quarter worth $159,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. UBS Group lifted their target price on Canadian Solar from $15.00 to $37.00 and gave the company a "buy" rating in a research report on Wednesday, November 19th. Mizuho reissued an "underperform" rating and set a $21.00 price objective (up from $15.00) on shares of Canadian Solar in a research report on Wednesday, November 19th. Roth Mkm boosted their price objective on shares of Canadian Solar from $11.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, November 17th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Canadian Solar in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. increased their target price on shares of Canadian Solar from $9.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, November 14th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Reduce" and an average price target of $19.85.

Canadian Solar Stock Up 1.9%

NASDAQ:CSIQ opened at $17.69 on Thursday. Canadian Solar Inc. has a 52 week low of $6.57 and a 52 week high of $34.59. The stock's fifty day moving average is $20.24 and its two-hundred day moving average is $19.34. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -49.14 and a beta of 1.31. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93.

Canadian Solar Company Profile

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.

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