Hsbc Holdings PLC Boosts Stock Position in Canadian Solar Inc. $CSIQ

Key Points

• HSBC significantly increased its Canadian Solar stake by 930.3% in the first quarter, ending with 120,450 shares valued at approximately $1.67 million. Institutional investors collectively own 52.36% of the company.
• Analysts maintain a cautious outlook, with Canadian Solar carrying an average “Hold” rating and a consensus price target of $19.36. Recent target changes were mixed, including upgrades from Citigroup and Mizuho and a downgrade from Wells Fargo.
• Canadian Solar reported better-than-expected quarterly results, with a loss of $0.71 per share versus the $1.06 consensus estimate and revenue of $1.08 billion. However, revenue declined 9.9% year over year, and analysts expect a full-year loss of $1.81 per share.

Hsbc Holdings PLC boosted its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 930.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 120,450 shares of the solar energy provider's stock after buying an additional 108,759 shares during the period. Hsbc Holdings PLC owned approximately 0.18% of Canadian Solar worth $1,668,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Canadian Solar in the fourth quarter worth $48,000. Quarry LP purchased a new position in shares of Canadian Solar in the 4th quarter worth about $54,000. Taikang Asset Management Hong Kong Co Ltd bought a new position in Canadian Solar in the 4th quarter worth about $69,000. Raymond James Financial Inc. purchased a new stake in Canadian Solar during the 2nd quarter valued at about $33,000. Finally, Caitong International Asset Management Co. Ltd grew its position in Canadian Solar by 335.1% during the 3rd 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 during the last quarter. 52.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on CSIQ. Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and raised their price objective for the company from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Mizuho increased their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, June 15th. Freedom Capital downgraded shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Wells Fargo & Company decreased their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating for the company in a report on Wednesday, April 8th. Finally, Wall Street Zen raised Canadian Solar from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Canadian Solar currently has an average rating of "Hold" and an average price target of $19.36.

Canadian Solar Price Performance

CSIQ opened at $13.35 on Monday. The company's 50-day simple moving average is $16.34 and its two-hundred day simple moving average is $17.11. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The stock has a market capitalization of $906.47 million, a P/E ratio of -5.30 and a beta of 1.51. Canadian Solar Inc. has a 52-week low of $9.41 and a 52-week high of $34.59.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping analysts' consensus estimates of ($1.06) by $0.35. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The business's revenue for the quarter was down 9.9% on a year-over-year basis. During the same period in the previous year, the business posted ($1.07) earnings per share. As a group, analysts predict that Canadian Solar Inc. will post -1.81 EPS for the current year.

Insiders Place Their Bets

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The SEC filing for this sale provides additional information. 21.50% of the stock is currently owned by corporate insiders.

About Canadian Solar

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.