Guinness Asset Management LTD Lowers Stock Position in Canadian Solar Inc. $CSIQ

Key Points

• Guinness Asset Management LTD has reduced its stake in Canadian Solar Inc. by 21.6%, now owning 573,722 shares worth approximately $4.97 million.
• Several hedge funds have adjusted their holdings in Canadian Solar, with Templeton & Phillips Capital Management and Northwestern Mutual Wealth Management increasing their stakes in the company.
• Recent research reports have downgraded Canadian Solar's stock rating, with most analysts currently rating it as a "Hold" and lowering price targets to around $11.69.

Guinness Asset Management LTD lessened its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 21.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 573,722 shares of the solar energy provider's stock after selling 158,090 shares during the quarter. Guinness Asset Management LTD owned 0.86% of Canadian Solar worth $4,972,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Templeton & Phillips Capital Management LLC boosted its stake 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 worth $125,000 after buying an additional 1,843 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Canadian Solar by 11.3% in 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 purchasing an additional 2,217 shares during the period. Robotti Robert boosted its stake in shares of Canadian Solar by 0.6% in the first quarter. Robotti Robert now owns 490,880 shares of the solar energy provider's stock valued at $4,246,000 after purchasing an additional 3,000 shares during the period. Shell Asset Management Co. boosted its stake in shares of Canadian Solar by 11.4% in the fourth quarter. Shell Asset Management Co. now owns 40,499 shares of the solar energy provider's stock valued at $450,000 after purchasing an additional 4,134 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Canadian Solar in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

Wall Street Analyst Weigh In

CSIQ has been the subject of several recent research reports. Wall Street Zen lowered shares of Canadian Solar from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Mizuho lowered 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 note on Friday, August 22nd. Citigroup decreased their price target on shares of Canadian Solar from $12.50 to $11.00 and set a "neutral" rating for the company in a research note on Thursday, August 21st. Wells Fargo & Company decreased their price target on shares of 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. Finally, Zacks Research downgraded shares of Canadian Solar from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 21st. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $11.69.

Canadian Solar Stock Down 0.4%

CSIQ stock opened at $10.78 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.87 and a debt-to-equity ratio of 0.98. Canadian Solar Inc. has a twelve month low of $6.57 and a twelve month high of $19.55. The company's 50 day moving average is $11.81 and its two-hundred day moving average is $10.47. The stock has a market cap of $721.94 million, a P/E ratio of -17.97 and a beta of 1.16.

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

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.

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