Goldman Sachs Group Inc. Acquires 92,002 Shares of Canadian Solar Inc. $CSIQ

Key Points

• Goldman Sachs Group Inc. increased its stake in Canadian Solar Inc. by 20.1% in Q1, holding approximately 0.82% of the company's stock, valued at $4.75 million.
• Other investors such as Summit Securities Group LLC and Templeton & Phillips Capital Management also made significant changes to their positions, reflecting increasing institutional interest in Canadian Solar.
• Canadian Solar's recent earnings report revealed a missed EPS estimate of ($0.53) compared to the expected $0.76, with total revenue of $1.69 billion, falling short of analyst expectations.

Goldman Sachs Group Inc. raised its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 20.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 548,853 shares of the solar energy provider's stock after acquiring an additional 92,002 shares during the period. Goldman Sachs Group Inc. owned about 0.82% of Canadian Solar worth $4,748,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in Canadian Solar during the first quarter valued at approximately $39,000. Summit Securities Group LLC grew its position in Canadian Solar by 598.5% during the first quarter. Summit Securities Group LLC now owns 7,020 shares of the solar energy provider's stock valued at $61,000 after acquiring an additional 6,015 shares during the last quarter. Templeton & Phillips Capital Management LLC grew its position in Canadian Solar by 14.6% during the first quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock valued at $125,000 after acquiring an additional 1,843 shares during the last quarter. XTX Topco Ltd bought a new position in Canadian Solar during the first quarter valued at approximately $157,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Canadian Solar by 11.3% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 21,874 shares of the solar energy provider's stock valued at $189,000 after acquiring an additional 2,217 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CSIQ. Wells Fargo & Company dropped their price objective on Canadian Solar from $11.00 to $10.00 and set an "equal weight" rating for the company in a research note on Wednesday, September 3rd. Citigroup dropped their price objective on Canadian Solar from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, August 21st. Mizuho dropped their price objective on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, August 22nd. Zacks Research lowered Canadian Solar from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 21st. Finally, UBS Group dropped their price target on Canadian Solar from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday. Three investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $12.16.

Canadian Solar Stock Down 4.5%

Shares of NASDAQ:CSIQ traded down $0.55 on Thursday, hitting $11.77. 1,280,803 shares of the company traded hands, compared to its average volume of 1,667,696. Canadian Solar Inc. has a 52 week low of $6.57 and a 52 week high of $19.55. The company has a quick ratio of 0.87, a current ratio of 1.09 and a debt-to-equity ratio of 0.98. The stock has a 50 day simple moving average of $11.71 and a 200-day simple moving average of $10.49. The company has a market cap of $788.24 million, a PE ratio of -19.62 and a beta of 1.16.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings results on Thursday, August 21st. The solar energy provider reported ($0.53) earnings per share for the quarter, missing the consensus estimate of $0.76 by ($1.29). Canadian Solar had a negative net margin of 0.12% and a negative return on equity of 4.97%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the previous year, the business earned $0.02 earnings per share. Canadian Solar's revenue was up 3.6% compared to the same quarter last year. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

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.