Private Advisor Group LLC Buys Shares of 13,077 Canadian Solar Inc. (NASDAQ:CSIQ)

Private Advisor Group LLC bought a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,077 shares of the solar energy provider’s stock, valued at approximately $219,000.

Several other large investors also recently modified their holdings of the stock. Mackenzie Financial Corp increased its position in Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares during the last quarter. SIR Capital Management L.P. bought a new position in Canadian Solar in the 2nd quarter worth approximately $3,994,000. D. Scott Neal Inc. purchased a new position in Canadian Solar in the 2nd quarter valued at approximately $3,898,000. Foundry Partners LLC purchased a new stake in shares of Canadian Solar during the second quarter worth $3,667,000. Finally, DNB Asset Management AS lifted its position in shares of Canadian Solar by 31.4% during the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock worth $13,083,000 after acquiring an additional 211,820 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CSIQ. Glj Research boosted their price objective on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research note on Tuesday, July 30th. Oppenheimer decreased their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 23rd. JPMorgan Chase & Co. upped their price target on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 16th. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Finally, Roth Mkm lowered their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus price target of $22.03.

Canadian Solar Price Performance

Shares of Canadian Solar stock opened at $13.13 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. Canadian Solar Inc. has a 52-week low of $11.41 and a 52-week high of $26.85. The company has a fifty day moving average of $13.98 and a 200-day moving average of $15.32. The stock has a market capitalization of $868.68 million, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 5.21 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period last year, the firm earned $2.39 earnings per share. The company’s revenue for the quarter was down 30.8% compared to the same quarter last year. Equities research analysts expect that Canadian Solar Inc. will post 0.12 EPS for the current year.

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.