IvyRock Asset Management HK Ltd Purchases 1,219,200 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

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 grew its position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 87.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,607,700 shares of the solar energy provider's stock after buying an additional 1,219,200 shares during the period. Canadian Solar accounts for about 10.6% of IvyRock Asset Management HK Ltd's portfolio, making the stock its 5th largest position. IvyRock Asset Management HK Ltd owned approximately 3.94% of Canadian Solar worth $22,557,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wells Fargo & Company MN boosted its holdings in shares of Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock valued at $57,000 after buying an additional 3,347 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 valued at $125,000 after purchasing an additional 1,843 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of Canadian Solar in the 4th quarter valued at approximately $177,000. Mariner LLC raised its position in shares of Canadian Solar by 100.0% in the 4th quarter. Mariner LLC now owns 20,000 shares of the solar energy provider's stock valued at $222,000 after purchasing an additional 10,000 shares during the last quarter. Finally, 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 valued at $282,000 after purchasing an additional 10,945 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Stock Performance

CSIQ traded down $0.31 during trading on Tuesday, reaching $12.05. 369,986 shares of the company's stock were exchanged, compared to its average volume of 1,695,997. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.07 and a quick ratio of 0.80. The stock has a market capitalization of $807.01 million, a P/E ratio of -24.09 and a beta of 1.38. The company's fifty day simple moving average is $11.51 and its 200-day simple moving average is $10.33. Canadian Solar Inc. has a 1 year low of $6.57 and a 1 year high of $19.55.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CSIQ shares. Mizuho decreased their price objective on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research report on Monday, June 2nd. Wall Street Zen raised shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. The Goldman Sachs Group increased their price objective on shares of Canadian Solar from $8.00 to $9.00 and gave the company a "sell" rating in a research report on Friday, May 16th. Roth Capital set a $11.00 price objective on shares of Canadian Solar and gave the company a "neutral" rating in a research report on Friday, May 16th. Finally, Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price target for the company in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target 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.