Hsbc Holdings PLC Raises Stake in Canadian Solar Inc. $CSIQ

Hsbc Holdings PLC grew its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 930.3% in the first quarter, HoldingsChannel.com reports. The firm owned 120,450 shares of the solar energy provider’s stock after acquiring an additional 108,759 shares during the period. Hsbc Holdings PLC’s holdings in Canadian Solar were worth $1,668,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. purchased a new position in shares of Canadian Solar during the 4th quarter valued at $48,000. Quarry LP purchased a new stake in Canadian Solar in the 4th quarter worth $54,000. Taikang Asset Management Hong Kong Co Ltd purchased a new stake in Canadian Solar in the 4th quarter worth $69,000. Raymond James Financial Inc. bought a new stake in Canadian Solar during the second quarter valued at about $33,000. Finally, Caitong International Asset Management Co. Ltd raised 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 valued at $42,000 after acquiring an additional 2,463 shares during the period. 52.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CSIQ has been the subject of a number of recent analyst reports. Mizuho upped their price objective on Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, June 15th. Wells Fargo & Company decreased their target price on Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 8th. Wall Street Zen raised Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Finally, Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and increased their price objective for the company from $11.00 to $18.00 in a report on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $19.36.

Canadian Solar Price Performance

CSIQ opened at $13.35 on Monday. The firm has a 50-day simple moving average of $16.34 and a two-hundred day simple moving average of $17.11. Canadian Solar Inc. has a 52 week low of $9.41 and a 52 week high of $34.59. The company has a market capitalization of $906.47 million, a PE ratio of -5.30 and a beta of 1.51. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The business’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter last year, the business posted ($1.07) earnings per share. Analysts forecast that Canadian Solar Inc. will post -1.81 earnings per share for the current fiscal year.

Insider Activity at Canadian Solar

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 21.50% of the company’s stock.

Canadian Solar Profile

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.