Deutsche Bank AG Makes New $722.85 Million Investment in Canadian Solar Inc. $CSIQ

Key Points

• Deutsche Bank acquired 6.06 million Canadian Solar shares during the second quarter, valued at approximately $722.85 million and representing an 8.93% stake.
• Other institutional investors also initiated positions, while institutional ownership reached 52.36%; a Canadian Solar director separately sold 1,767 shares.
• CSIQ shares opened at $14.79, below analysts’ consensus price target of $19.36. Analyst sentiment remains “Hold,” with three Buy, seven Hold, and three Sell ratings.

Deutsche Bank AG acquired a new position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,062,146 shares of the solar energy provider's stock, valued at approximately $722,850,000. Deutsche Bank AG owned about 8.93% of Canadian Solar at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Trust Co. of Vermont acquired a new stake in Canadian Solar during the second quarter valued at approximately $659,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Canadian Solar in the second quarter worth $844,000. Persistent Asset Partners Ltd bought a new stake in Canadian Solar during the 2nd quarter worth about $851,000. OneDigital Investment Advisors LLC bought a new stake in shares of Canadian Solar during the second quarter valued at approximately $241,000. Finally, Baxter Bros Inc. bought a new position in Canadian Solar in the 2nd quarter valued at $825,000. Institutional investors own 52.36% of the company's stock.

Insider Activity at Canadian Solar

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 21.50% of the company's stock.

Canadian Solar Stock Down 2.3%

Shares of CSIQ opened at $14.79 on Tuesday. The stock has a market capitalization of $1.00 billion, a PE ratio of -5.87 and a beta of 1.52. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The firm's 50 day moving average is $15.28 and its 200-day moving average is $16.41. Canadian Solar Inc. has a 12 month low of $9.41 and a 12 month high of $34.59.

Analysts Set New Price Targets

Several research firms have recently issued reports on CSIQ. Freedom Capital lowered Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Wall Street Zen upgraded shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a report on Saturday, May 23rd. Citigroup upgraded Canadian Solar from a "sell" rating to a "neutral" rating and increased their price objective for the stock from $11.00 to $18.00 in a report on Wednesday, July 22nd. Finally, Mizuho raised their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, June 15th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $19.36.

Canadian Solar 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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