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

Canadian Solar Inc. (NASDAQ:CSIQ) saw a large increase in short interest during the month of January. As of January 15th, there was short interest totaling 13,337,676 shares, an increase of 24.7% from the December 31st total of 10,693,752 shares. Based on an average daily volume of 5,645,377 shares, the days-to-cover ratio is currently 2.4 days. Currently, 25.4% of the company’s shares are short sold. Currently, 25.4% of the company’s shares are short sold. Based on an average daily volume of 5,645,377 shares, the days-to-cover ratio is currently 2.4 days.

Canadian Solar Price Performance

CSIQ stock remained flat at $19.13 during midday trading on Monday. 1,913,557 shares of the company’s stock were exchanged, compared to its average volume of 4,208,120. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The firm has a 50 day simple moving average of $23.31 and a two-hundred day simple moving average of $18.00. Canadian Solar has a fifty-two week low of $6.57 and a fifty-two week high of $34.59. The firm has a market capitalization of $1.28 billion, a P/E ratio of -53.14 and a beta of 1.28.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the company earned ($0.31) earnings per share. The business’s revenue was down 1.3% on a year-over-year basis. Analysts forecast that Canadian Solar will post -0.23 earnings per share for the current year.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. China Universal Asset Management Co. Ltd. purchased a new position in Canadian Solar during the 4th quarter worth $48,000. Raymond James Financial Inc. bought a new position in shares of Canadian Solar during the second quarter valued at about $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after purchasing an additional 2,463 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Canadian Solar by 7.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Canadian Solar in the 3rd quarter worth about $73,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CSIQ has been the topic of a number of research analyst reports. Daiwa Capital Markets raised shares of Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 price target on the stock in a research report on Tuesday, December 2nd. Roth Mkm upped their target price on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, November 17th. Mizuho reiterated an “underperform” rating and issued a $21.00 target price (up from $15.00) on shares of Canadian Solar in a report on Wednesday, November 19th. Jefferies Financial Group reissued a “hold” rating and issued a $19.64 price target (up from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd. Finally, Citigroup reaffirmed a “sell” rating and set a $11.00 price objective on shares of Canadian Solar in a research report on Tuesday, October 21st. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $19.85.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.