Canadian Solar Inc. (NASDAQ:CSIQ) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has reduced its stake in Canadian Solar Inc. by 0.8%, now holding approximately 5.5 million shares valued at $47.4 million.
• Canadian Solar's stock has decreased by 2.9% recently, while it reported a quarterly loss of ($1.07) EPS, surpassing analyst expectations.
• Several institutional investors, including Wells Fargo and Cetera Investment Advisers, have increased their holdings in Canadian Solar in the last quarters.

Mackenzie Financial Corp reduced its stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,479,065 shares of the solar energy provider's stock after selling 44,500 shares during the period. Mackenzie Financial Corp owned approximately 8.28% of Canadian Solar worth $47,394,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CSIQ. IvyRock Asset Management HK Ltd increased its stake in Canadian Solar by 87.8% in the 1st quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider's stock worth $22,557,000 after buying an additional 1,219,200 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in Canadian Solar during the 4th quarter worth about $1,769,000. Cerity Partners LLC lifted its position in shares of Canadian Solar by 52.2% during the first quarter. Cerity Partners LLC now owns 374,966 shares of the solar energy provider's stock valued at $3,243,000 after buying an additional 128,669 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Canadian Solar by 32.0% during the fourth quarter. BNP Paribas Financial Markets now owns 323,238 shares of the solar energy provider's stock valued at $3,594,000 after buying an additional 78,306 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new stake in shares of Canadian Solar during the fourth quarter valued at about $331,000. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Price Performance

Shares of CSIQ stock traded down $0.17 during trading hours on Friday, hitting $11.32. 838,122 shares of the company's stock were exchanged, compared to its average volume of 1,078,784. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.84. The firm has a market cap of $758.10 million, a P/E ratio of -22.64 and a beta of 1.35. The firm has a 50 day moving average of $11.62 and a two-hundred day moving average of $10.35. Canadian Solar Inc. has a fifty-two week low of $6.57 and a fifty-two week high of $19.55.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced 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. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.11 billion. Canadian Solar had a negative return on equity of 4.34% and a negative net margin of 0.18%. The business's quarterly revenue was down 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.19 EPS. Sell-side analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on CSIQ. Roth Capital set a $11.00 price objective on shares of Canadian Solar and gave the company a "neutral" rating in a report on Friday, May 16th. Mizuho dropped their target price 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. Wall Street Zen upgraded Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Wells Fargo & Company upped their target price on Canadian Solar from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Friday, May 16th. Finally, The Goldman Sachs Group upped their price objective on Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $14.39.

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.