Canadian Solar Inc. (NASDAQ:CSIQ) Short Interest Down 5.8% in June

Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of a large drop in short interest in June. As of June 15th, there was short interest totalling 6,290,000 shares, a drop of 5.8% from the May 31st total of 6,680,000 shares. Based on an average daily volume of 1,830,000 shares, the short-interest ratio is currently 3.4 days. Approximately 13.3% of the shares of the stock are short sold.

Canadian Solar Stock Performance

CSIQ stock opened at $15.72 on Thursday. The business’s 50-day moving average price is $16.90 and its two-hundred day moving average price is $19.61. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.53. The firm has a market cap of $1.04 billion, a PE ratio of 5.46, a P/E/G ratio of 0.28 and a beta of 1.29. Canadian Solar has a 1-year low of $13.80 and a 1-year high of $39.07.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.20. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.35 billion. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. The company’s revenue for the quarter was down 21.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.19 earnings per share. As a group, research analysts forecast that Canadian Solar will post 2.07 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. USCF Advisers LLC raised its stake in shares of Canadian Solar by 87.5% in the 4th quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock valued at $39,000 after purchasing an additional 700 shares during the period. Daiwa Securities Group Inc. increased its position in shares of Canadian Solar by 72.1% in the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after acquiring an additional 3,100 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Canadian Solar in the fourth quarter valued at about $201,000. DekaBank Deutsche Girozentrale increased its position in shares of Canadian Solar by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock valued at $326,000 after acquiring an additional 928 shares during the last quarter. Finally, Capstone Investment Advisors LLC acquired a new stake in shares of Canadian Solar in the fourth quarter valued at about $359,000. 52.36% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. UBS Group dropped their price target on Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, June 12th. Daiwa Capital Markets began coverage on Canadian Solar in a research note on Monday, March 11th. They issued a “neutral” rating and a $21.00 target price for the company. Wells Fargo & Company lowered their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. The Goldman Sachs Group lowered their target price on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, Roth Mkm reissued a “buy” rating and issued a $25.00 target price on shares of Canadian Solar in a research note on Wednesday, May 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Canadian Solar presently has an average rating of “Hold” and a consensus target price of $28.89.

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.