Hsbc Holdings PLC Acquires 205,397 Shares of Canadian Solar Inc. $CSIQ

Key Points

• HSBC Holdings increased its Canadian Solar stake by 170.5% in the second quarter, acquiring 205,397 additional shares and bringing its total holdings to 325,847 shares worth approximately $5.22 million.
• Canadian Solar reported a sharp quarterly loss of $1.40 per share, missing estimates by $1.22, while revenue fell 28.7% year over year to $1.21 billion.
• Shares opened at $13.46 after declining 3.0%, while analysts maintained a broadly cautious outlook: the stock has a consensus “Reduce” rating and an average price target of $17.75.

Hsbc Holdings PLC boosted its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 170.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 325,847 shares of the solar energy provider's stock after acquiring an additional 205,397 shares during the quarter. Hsbc Holdings PLC owned approximately 0.48% of Canadian Solar worth $5,220,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Canadian Solar during the second quarter worth approximately $25,000. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar in the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Canadian Solar by 335.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock valued at $42,000 after purchasing an additional 2,463 shares in the last quarter. Optiver Holding B.V. bought a new position in Canadian Solar in the 1st quarter worth approximately $44,000. Finally, Quarry LP bought a new position in Canadian Solar in the 4th quarter worth approximately $54,000. Institutional investors and hedge funds own 52.36% of the company's stock.

Canadian Solar Stock Down 3.0%

Canadian Solar stock opened at $13.46 on Thursday. The firm has a market capitalization of $913.93 million, a price-to-earnings ratio of -3.51 and a beta of 1.51. The company's 50 day simple moving average is $14.60 and its 200 day simple moving average is $15.67. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.02 and a quick ratio of 0.78. Canadian Solar Inc. has a fifty-two week low of $10.56 and a fifty-two week high of $34.59.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The firm's revenue for the quarter was down 28.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.53) EPS. As a group, sell-side analysts anticipate that Canadian Solar Inc. will post -2.93 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on CSIQ shares. Freedom Capital lowered Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Citigroup dropped their target price on Canadian Solar from $18.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, August 27th. Weiss Ratings cut Canadian Solar from a "sell (d+)" rating to a "sell (d)" rating in a report on Thursday, August 27th. Wells Fargo & Company lowered their price objective on Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating for the company in a research report on Monday, August 31st. Finally, Glj Research reissued a "sell" rating and set a $5.58 price objective on shares of Canadian Solar in a report on Thursday, August 27th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, Canadian Solar has a consensus rating of "Reduce" and an average target price of $17.75.

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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