Guinness Asset Management LTD Cuts Stock Holdings 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 holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 21.6% during the first quarter, according to the company in its most recent 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 period. Guinness Asset Management LTD owned about 0.86% of Canadian Solar worth $4,972,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new stake in shares of Canadian Solar in the 1st quarter worth approximately $39,000. Summit Securities Group LLC lifted its stake in shares of 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 worth $61,000 after buying an additional 6,015 shares during the period. Templeton & Phillips Capital Management LLC raised its position in shares of Canadian Solar by 14.6% during the 1st quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock worth $125,000 after purchasing an additional 1,843 shares during the last quarter. XTX Topco Ltd purchased a new position in Canadian Solar in the 1st quarter valued at approximately $157,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Canadian Solar by 11.3% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 21,874 shares of the solar energy provider's stock worth $189,000 after acquiring an additional 2,217 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Wall Street Zen downgraded shares of Canadian Solar from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. UBS Group reduced their price objective on shares of Canadian Solar from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday. Zacks Research cut shares of Canadian Solar from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 21st. Citigroup lowered their price target on shares of Canadian Solar from $12.50 to $11.00 and set a "neutral" rating on the stock in a report on Thursday, August 21st. Finally, 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 report on Wednesday, September 3rd. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $12.16.

Canadian Solar Stock Performance

CSIQ traded up $0.37 during trading hours on Wednesday, reaching $12.58. The company's stock had a trading volume of 780,604 shares, compared to its average volume of 1,666,543. Canadian Solar Inc. has a 52 week low of $6.57 and a 52 week high of $19.55. The company's 50-day moving average is $11.73 and its 200-day moving average is $10.48. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.87 and a current ratio of 1.09. The firm has a market cap of $842.62 million, a PE ratio of -21.01 and a beta of 1.16.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data 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 return on equity of 4.97% and a negative net margin of 0.12%.The firm 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 EPS. The firm's quarterly revenue was up 3.6% on a year-over-year basis. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, equities analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current 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.