Cerity Partners LLC Grows Stock Holdings in Canadian Solar Inc. (NASDAQ:CSIQ)

Cerity Partners LLC raised its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 131.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 428,733 shares of the solar energy provider’s stock after acquiring an additional 243,542 shares during the quarter. Cerity Partners LLC owned about 0.65% of Canadian Solar worth $7,186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Mackenzie Financial Corp boosted its position in shares of 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 valued at $75,456,000 after acquiring an additional 1,037,800 shares during the period. DNB Asset Management AS grew its position in shares of Canadian Solar by 31.4% during the 2nd quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock valued at $13,083,000 after purchasing an additional 211,820 shares in the last quarter. SIR Capital Management L.P. bought a new position in shares of Canadian Solar in the second quarter worth $3,994,000. D. Scott Neal Inc. purchased a new stake in shares of Canadian Solar in the second quarter worth $3,898,000. Finally, Foundry Partners LLC bought a new stake in Canadian Solar during the second quarter valued at $3,667,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Oppenheimer dropped their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 price target for the company. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. The Goldman Sachs Group reduced their target price on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. Finally, Roth Mkm dropped their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canadian Solar has an average rating of “Hold” and a consensus price target of $19.94.

Canadian Solar Price Performance

Shares of Canadian Solar stock opened at $12.76 on Thursday. The stock has a market capitalization of $844.20 million, a P/E ratio of 25.02, a price-to-earnings-growth ratio of 4.27 and a beta of 1.34. Canadian Solar Inc. has a one year low of $10.91 and a one year high of $26.85. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82. The business’s 50 day simple moving average is $13.70 and its two-hundred day simple moving average is $14.91.

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.