Cresset Asset Management LLC decreased its holdings in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 59.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,796 shares of the solar energy provider's stock after selling 23,507 shares during the quarter. Cresset Asset Management LLC's holdings in Canadian Solar were worth $176,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its position in Canadian Solar by 184.0% during the fourth 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 during the period. Sciencast Management LP purchased a new position in Canadian Solar during the fourth quarter valued at $113,000. Hsbc Holdings PLC purchased a new position in Canadian Solar during the fourth quarter valued at $177,000. Mariner LLC lifted its position in Canadian Solar by 100.0% during the fourth quarter. Mariner LLC now owns 20,000 shares of the solar energy provider's stock valued at $222,000 after buying an additional 10,000 shares during the period. Finally, Northern Trust Corp lifted its position in Canadian Solar by 89.9% during the fourth quarter. Northern Trust Corp now owns 26,319 shares of the solar energy provider's stock valued at $293,000 after buying an additional 12,458 shares during the period. Hedge funds and other institutional investors own 52.36% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on CSIQ shares. The Goldman Sachs Group lifted their price target on Canadian Solar from $8.00 to $9.00 and gave the stock a "sell" rating in a research report on Friday, May 16th. Citigroup raised 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. Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Mizuho lifted their price target on Canadian Solar from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Finally, Wells Fargo & Company lifted their price target on Canadian Solar from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Friday, May 16th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $16.77.
Check Out Our Latest Stock Analysis on Canadian Solar
Canadian Solar Stock Performance
NASDAQ:CSIQ traded down $0.02 during mid-day trading on Friday, reaching $9.80. The company's stock had a trading volume of 933,917 shares, compared to its average volume of 1,889,374. Canadian Solar Inc. has a 12-month low of $6.57 and a 12-month high of $21.05. The firm's fifty day moving average price is $9.03 and its two-hundred day moving average price is $10.47. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock has a market cap of $648.36 million, a P/E ratio of -81.67, a PEG ratio of 0.74 and a beta of 1.35.
Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 0.02% and a net margin of 0.01%. The business's quarterly revenue was down 10.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.19 EPS. On average, equities analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.
About Canadian Solar
(
Free Report)
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.
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