Skandinaviska Enskilda Banken AB publ Has $1.04 Million Stock Holdings in Canadian Solar Inc. (NASDAQ:CSIQ)

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 reduced its holdings in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 28.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund 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 about 0.18% of Canadian Solar worth $1,036,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Mackenzie Financial Corp increased its position in Canadian Solar by 6.9% during the fourth quarter. Mackenzie Financial Corp now owns 5,523,565 shares of the solar energy provider's stock valued at $61,422,000 after acquiring an additional 357,900 shares during the last quarter. IvyRock Asset Management HK Ltd lifted its stake in shares of Canadian Solar by 87.8% in the 1st quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider's stock valued at $22,557,000 after purchasing an additional 1,219,200 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Canadian Solar by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider's stock worth $22,544,000 after buying an additional 23,355 shares during the period. Cerity Partners LLC increased its holdings in Canadian Solar by 52.2% during the 1st quarter. Cerity Partners LLC now owns 374,966 shares of the solar energy provider's stock worth $3,243,000 after purchasing an additional 128,669 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in Canadian Solar by 32.0% during the 4th quarter. BNP Paribas Financial Markets now owns 323,238 shares of the solar energy provider's stock valued at $3,594,000 after acquiring an additional 78,306 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Trading Down 2.3%

Shares of CSIQ stock traded down $0.28 during mid-day trading on Wednesday, hitting $11.72. 655,121 shares of the company's stock were exchanged, compared to its average volume of 1,276,628. Canadian Solar Inc. has a fifty-two week low of $6.57 and a fifty-two week high of $19.55. The stock has a 50-day simple moving average of $11.56 and a two-hundred day simple moving average of $10.35. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.84. The stock has a market cap of $784.89 million, a price-to-earnings ratio of -23.44 and a beta of 1.38.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.50) by $0.43. The business had revenue of $1.20 billion for 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 business's revenue was down 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 earnings per share. Equities analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on CSIQ. Wells Fargo & Company lifted their price target on Canadian Solar from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research report on Friday, May 16th. The Goldman Sachs Group boosted their price objective on Canadian Solar from $8.00 to $9.00 and gave the company a "sell" rating in a report on Friday, May 16th. Mizuho lowered their target price on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a research note on Monday, June 2nd. Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Finally, Citigroup raised Canadian Solar from a "sell" rating to a "neutral" rating and set a $8.00 price objective for the company in a report on Thursday, April 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Canadian Solar has a consensus rating of "Hold" and a consensus target price of $14.16.

Canadian Solar Company Profile

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.