Canadian Solar Inc. (NASDAQ:CSIQ) Shares Sold by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB reduced its stake in Canadian Solar Inc. by 28.5%, owning approximately 0.18% of the company worth <$1.1 million after selling nearly 48,000 shares in the first quarter.
• Analyst reports indicate a mixed outlook for Canadian Solar, with Citigroup upgrading the stock from "sell" to "neutral," while several others maintained or adjusted their price targets lower, leading to a consensus rating of "Hold."
• Canadian Solar's latest earnings report revealed a quarterly loss of $1.07 EPS, better than expected but with a 10% decline in revenue year-over-year, highlighting ongoing financial challenges.

Skandinaviska Enskilda Banken AB publ trimmed its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 28.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 119,536 shares of the solar energy provider's stock after selling 47,707 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned approximately 0.18% of Canadian Solar worth $1,036,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CSIQ. Wells Fargo & Company MN lifted its holdings in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider's stock valued at $57,000 after purchasing an additional 3,347 shares in the last quarter. Templeton & Phillips Capital Management LLC raised its position in shares of Canadian Solar by 14.6% during the 1st quarter. Templeton & Phillips Capital Management LLC now owns 14,481 shares of the solar energy provider's stock valued at $125,000 after purchasing an additional 1,843 shares during the period. Hsbc Holdings PLC bought a new stake in shares of Canadian Solar during the 4th quarter valued at $177,000. Mariner LLC raised its position in shares of Canadian Solar by 100.0% during the 4th quarter. Mariner LLC now owns 20,000 shares of the solar energy provider's stock valued at $222,000 after purchasing an additional 10,000 shares during the period. Finally, Cetera Investment Advisers raised its position in shares of Canadian Solar by 50.6% during the 1st quarter. Cetera Investment Advisers now owns 32,570 shares of the solar energy provider's stock valued at $282,000 after purchasing an additional 10,945 shares during the period. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Stock Down 1.5%

Shares of CSIQ traded down $0.17 during midday trading on Friday, reaching $11.32. 838,122 shares of the stock were exchanged, compared to its average volume of 1,078,784. Canadian Solar Inc. has a 52 week low of $6.57 and a 52 week high of $19.55. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.84. The company's 50 day moving average is $11.62 and its two-hundred day moving average is $10.35. The company has a market capitalization of $758.10 million, a P/E ratio of -22.64 and a beta of 1.35.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share for the quarter, topping analysts' consensus estimates of ($1.50) by $0.43. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.11 billion. Canadian Solar had a negative return on equity of 4.34% and a negative net margin of 0.18%. The firm's quarterly revenue was down 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 EPS. On average, sell-side analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on CSIQ. Mizuho reduced their price objective on shares of Canadian Solar from $17.00 to $15.00 and set an "outperform" rating on the stock in a research report on Monday, June 2nd. Wells Fargo & Company lifted their price objective on shares of Canadian Solar from $10.00 to $11.00 and gave the company an "equal weight" rating in a research report on Friday, May 16th. Wall Street Zen upgraded shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price objective on the stock in a research report on Thursday, April 17th. Finally, Roth Capital set a $11.00 price objective on shares of Canadian Solar and gave the company a "neutral" rating in a research report on Friday, May 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $14.39.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.