Pinpoint Asset Management Singapore Pte. Ltd. Sells 19,953,498 Shares of Canadian Solar Inc. $CSIQ

Key Points

• Pinpoint Asset Management Singapore slashed its Canadian Solar stake by 99.7% in the fourth quarter, selling nearly 20 million shares and leaving it with just 54,005 shares worth about $1.28 million.
• Canadian Solar also saw notable insider selling, with directors Andrew Luen Cheung Wong and Leslie Li Hsien Chang both selling shares in May. Insiders still own 21.5% of the company.
• Analysts remain cautious on CSIQ, with several firms cutting price targets and the consensus rating at “Reduce” with an average price target of $18.36. The stock was trading up 6.2% at $16.73, while the company recently beat quarterly EPS and revenue estimates despite year-over-year revenue decline.

Pinpoint Asset Management Singapore Pte. Ltd. cut its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 99.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,005 shares of the solar energy provider's stock after selling 19,953,498 shares during the period. Canadian Solar comprises approximately 0.3% of Pinpoint Asset Management Singapore Pte. Ltd.'s investment portfolio, making the stock its 28th largest holding. Pinpoint Asset Management Singapore Pte. Ltd. owned 0.08% of Canadian Solar worth $1,284,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in 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 valued at $63,000 after acquiring an additional 312 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new position in Canadian Solar during the 4th quarter valued at $48,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Canadian Solar by 43.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider's stock valued at $164,000 after acquiring an additional 2,084 shares in the last quarter. LPL Financial LLC lifted its stake in Canadian Solar by 16.7% during the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider's stock valued at $369,000 after acquiring an additional 2,219 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Canadian Solar by 38.6% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider's stock valued at $89,000 after acquiring an additional 2,254 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total value of $28,610.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction dated Tuesday, May 26th. The stock was 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. Company insiders own 21.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CSIQ shares. Roth Mkm dropped their price objective on Canadian Solar from $30.00 to $15.00 and set a "neutral" rating on the stock in a research note on Monday, March 23rd. Wells Fargo & Company lowered their target price on Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 8th. Oppenheimer lowered their target price on Canadian Solar from $38.00 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, March 20th. Wall Street Zen upgraded Canadian Solar from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. Finally, Freedom Capital cut Canadian Solar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $18.36.

Canadian Solar Trading Up 6.2%

NASDAQ CSIQ opened at $16.73 on Friday. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -6.64 and a beta of 1.50. Canadian Solar Inc. has a one year low of $9.41 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The business's fifty day moving average is $16.14 and its 200-day moving average is $19.13.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its 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 company had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The business's revenue for the quarter was down 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.07) EPS. Equities research analysts predict that Canadian Solar Inc. will post -1.16 EPS for the current year.

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.

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