Canadian Solar Inc. (NASDAQ:CSIQ) Short Interest Update

Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of a large decrease in short interest during the month of February. As of February 28th, there was short interest totalling 10,540,000 shares, a decrease of 17.0% from the February 13th total of 12,700,000 shares. Based on an average daily volume of 1,760,000 shares, the days-to-cover ratio is presently 6.0 days. Approximately 22.4% of the shares of the stock are short sold.

Analyst Ratings Changes

Several research analysts recently commented on the company. Jefferies Financial Group assumed coverage on Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Wells Fargo & Company reduced their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Mizuho initiated coverage on Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Five analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $18.04.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ traded up $0.76 during trading on Wednesday, reaching $10.54. The company had a trading volume of 2,151,231 shares, compared to its average volume of 1,816,403. The firm has a market capitalization of $697.38 million, a price-to-earnings ratio of -87.84, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The stock’s fifty day moving average price is $10.58 and its 200 day moving average price is $12.18. Canadian Solar has a fifty-two week low of $9.19 and a fifty-two week high of $21.05.

Institutional Trading of Canadian Solar

A number of institutional investors have recently modified their holdings of the business. Shah Capital Management lifted its position in shares of Canadian Solar by 825.6% in the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after acquiring an additional 1,556,964 shares in the last quarter. Barclays PLC grew its stake in shares of Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after buying an additional 95,924 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Canadian Solar by 101.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock valued at $1,902,000 after buying an additional 57,246 shares during the period. Waterfront Wealth Inc. raised its holdings in shares of Canadian Solar by 16.9% during the 4th quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock valued at $2,059,000 after buying an additional 26,778 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in Canadian Solar during the 4th quarter valued at approximately $7,738,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

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.