Canadian Solar Inc. (NASDAQ:CSIQ) Stake Reduced by Geode Capital Management LLC

Geode Capital Management LLC decreased its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 7.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,300 shares of the solar energy provider’s stock after selling 6,514 shares during the period. Geode Capital Management LLC’s holdings in Canadian Solar were worth $1,296,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in CSIQ. Quarry LP acquired a new stake in Canadian Solar during the second quarter valued at approximately $31,000. Daiwa Securities Group Inc. increased its holdings in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after buying an additional 1,500 shares in the last quarter. Private Advisor Group LLC acquired a new stake in shares of Canadian Solar during the 3rd quarter valued at $219,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Canadian Solar by 43.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after acquiring an additional 4,739 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Canadian Solar by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock worth $276,000 after acquiring an additional 1,383 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Analysts Set New Price Targets

CSIQ has been the subject of several analyst reports. Jefferies Financial Group assumed coverage on Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price for the company. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Tuesday. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Wells Fargo & Company cut their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Four research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Canadian Solar currently has a consensus rating of “Hold” and an average target price of $18.31.

Canadian Solar Trading Down 4.1 %

Shares of NASDAQ:CSIQ opened at $12.74 on Friday. The firm has a fifty day moving average of $12.27 and a two-hundred day moving average of $13.73. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65. Canadian Solar Inc. has a 12-month low of $10.60 and a 12-month high of $25.43. The firm has a market capitalization of $842.87 million, a P/E ratio of -106.17, a price-to-earnings-growth ratio of 8.89 and a beta of 1.27.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter last year, the firm earned $0.32 earnings per share. The business’s revenue for the quarter was down 18.4% on a year-over-year basis. On average, equities analysts expect that Canadian Solar Inc. will post 0.06 EPS for the current fiscal year.

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.