Man Group plc Makes New Investment in Canadian Solar Inc. $CSIQ

Key Points

• Man Group plc acquired 181,084 shares of Canadian Solar during the second quarter, valued at approximately $21.6 million and representing 0.27% of the company. Hedge funds and institutional investors collectively own 52.36% of CSIQ.
• Analyst sentiment remains cautious: Canadian Solar has a consensus rating of “Hold” from 13 analysts, with a consensus price target of $19.36. Recent price-target increases from Citigroup and Mizuho were offset by other firms maintaining sell or hold ratings.
• CSIQ shares opened at $13.87, down 2.9%, and remain well below their 52-week high of $34.59. The company’s market capitalization is approximately $941.8 million, with negative earnings and a current ratio of 1.06.

Man Group plc acquired a new stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 181,084 shares of the solar energy provider's stock, valued at approximately $21,602,000. Man Group plc owned 0.27% of Canadian Solar at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Canadian Solar during the 2nd quarter worth approximately $25,000. Raymond James Financial Inc. acquired a new stake in Canadian Solar in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd increased its holdings in Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock worth $42,000 after acquiring an additional 2,463 shares in the last quarter. Optiver Holding B.V. purchased a new stake in Canadian Solar in the 1st quarter worth $44,000. Finally, Quarry LP acquired a new position in Canadian Solar during the fourth quarter worth $54,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on CSIQ shares. Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and increased their price objective for the company from $11.00 to $18.00 in a report on Wednesday, July 22nd. Wall Street Zen raised shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. Freedom Capital downgraded shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Finally, Mizuho raised their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Canadian Solar has a consensus rating of "Hold" and a consensus price target of $19.36.

Canadian Solar Stock Down 2.9%

Shares of CSIQ opened at $13.87 on Thursday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. Canadian Solar Inc. has a one year low of $9.41 and a one year high of $34.59. The stock has a market capitalization of $941.77 million, a price-to-earnings ratio of -5.50 and a beta of 1.52. The stock has a 50 day moving average price of $15.06 and a 200 day moving average price of $16.15.

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.

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