Canadian Solar Inc. (NASDAQ:CSIQ) Holdings Increased by IvyRock Asset Management HK Ltd

Key Points

• IvyRock Asset Management HK Ltd has significantly increased its stake in Canadian Solar, raising its holdings by 87.8% in the first quarter, making the company its 5th largest position.
• Canadian Solar reported a quarterly earnings loss of ($1.07) per share, which was better than analysts' expected loss of ($1.50), alongside a revenue of $1.20 billion for the quarter.
• Analysts have varied opinions on Canadian Solar's stock, with an average rating of "Hold" and a price target of $14.16, influenced by recent upgrades and downgrades from major firms.

IvyRock Asset Management HK Ltd lifted its stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 87.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,607,700 shares of the solar energy provider's stock after acquiring an additional 1,219,200 shares during the period. Canadian Solar accounts for 10.6% of IvyRock Asset Management HK Ltd's portfolio, making the stock its 5th largest position. IvyRock Asset Management HK Ltd owned 3.94% of Canadian Solar worth $22,557,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. Cetera Investment Advisers raised its position in shares of Canadian Solar by 50.6% in the 1st quarter. Cetera Investment Advisers now owns 32,570 shares of the solar energy provider's stock worth $282,000 after acquiring an additional 10,945 shares in the last quarter. Templeton & Phillips Capital Management LLC raised 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 acquiring an additional 1,843 shares in the last quarter. Cerity Partners LLC raised its position in shares of Canadian Solar by 52.2% in 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 in the last quarter. Green Alpha Advisors LLC increased its position in Canadian Solar by 51.5% during the 1st quarter. Green Alpha Advisors LLC now owns 40,739 shares of the solar energy provider's stock valued at $352,000 after buying an additional 13,851 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in Canadian Solar by 6.9% during the 4th quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider's stock valued at $61,422,000 after buying an additional 357,900 shares in the last quarter. 52.36% of the stock is owned by institutional investors.

Canadian Solar Stock Performance

NASDAQ CSIQ traded down $0.10 during trading hours on Friday, reaching $12.75. The stock had a trading volume of 738,629 shares, compared to its average volume of 1,284,447. The stock has a fifty day moving average of $11.48 and a 200 day moving average of $10.35. The stock has a market cap of $853.87 million, a P/E ratio of -25.50 and a beta of 1.38. Canadian Solar Inc. has a 52-week low of $6.57 and a 52-week high of $19.55. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.80 and a current ratio of 1.07.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) EPS for the quarter, beating analysts' consensus estimates of ($1.50) by $0.43. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.11 billion. Canadian Solar had a negative return on equity of 4.34% and a negative net margin of 0.18%. Canadian Solar's revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 earnings per share. Sell-side analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Mizuho reduced 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. The Goldman Sachs Group upped their target price on Canadian Solar from $8.00 to $9.00 and gave the company a "sell" rating in a research report on Friday, May 16th. Wall Street Zen raised 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, Citigroup raised Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 target price on the stock in a research report on Thursday, April 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $14.16.

About Canadian Solar

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.