JPMorgan Chase & Co. Grows Stake in Canadian Solar Inc. $CSIQ

Key Points

• JPMorgan Chase increased its stake in Canadian Solar by 206.6% in Q3, owning 571,893 shares (about 0.85% of the company) valued at roughly $7.46 million.
• Canadian Solar reported a quarterly loss (‑$1.66 EPS) on $1.22 billion in revenue, trades around $12.98 with a 12‑month range of $6.57–$34.59, and has a market cap near $869 million.
• Analyst sentiment is mixed—the consensus rating is Hold with an average price target of $17.66 after several recent target cuts and a handful of upgrades.

JPMorgan Chase & Co. lifted its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 206.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 571,893 shares of the solar energy provider's stock after acquiring an additional 385,355 shares during the period. JPMorgan Chase & Co. owned 0.85% of Canadian Solar worth $7,457,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CSIQ. Raymond James Financial Inc. acquired a new position in Canadian Solar in the second quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd raised its holdings in Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock worth $42,000 after purchasing an additional 2,463 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider's stock worth $63,000 after buying an additional 312 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Canadian Solar during the 3rd quarter worth approximately $73,000. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in shares of Canadian Solar by 38.6% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider's stock valued at $89,000 after buying an additional 2,254 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company's stock.

Canadian Solar Stock Performance

Shares of Canadian Solar stock opened at $12.98 on Tuesday. The firm's fifty day simple moving average is $18.50 and its 200-day simple moving average is $19.85. Canadian Solar Inc. has a 12 month low of $6.57 and a 12 month high of $34.59. The stock has a market capitalization of $869.27 million, a price-to-earnings ratio of -5.19 and a beta of 1.31. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.02 and a quick ratio of 0.83.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share for the quarter. The business had revenue of $1.22 billion for the quarter. Canadian Solar had a negative return on equity of 4.95% and a negative net margin of 1.86%. As a group, equities analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Oppenheimer dropped their target price on shares of Canadian Solar from $38.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, March 20th. Daiwa Securities Group upgraded shares of Canadian Solar from a "neutral" rating to an "outperform" rating and set a $30.00 price objective for the company in a research note on Tuesday, December 2nd. Mizuho dropped their price objective on Canadian Solar from $19.00 to $15.00 and set a "neutral" rating on the stock in a report on Monday, March 23rd. Freedom Capital upgraded Canadian Solar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 24th. Finally, Roth Mkm reduced their target price on Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a report on Monday, March 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $17.66.

Canadian Solar Company 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.

Want to see what other hedge funds are holding CSIQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Solar Inc. (NASDAQ:CSIQ - Free Report).

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.