Old West Investment Management LLC Purchases New Shares in Canadian Solar Inc. $CSIQ

Old West Investment Management LLC purchased a new position in Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 46,220 shares of the solar energy provider’s stock, valued at approximately $5,511,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CSIQ. Two Sigma Investments LP bought a new stake in shares of Canadian Solar in the 3rd quarter worth about $11,544,000. Bank of America Corp DE grew its holdings in Canadian Solar by 292.7% during the 1st quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock valued at $14,840,000 after purchasing an additional 798,610 shares during the last quarter. Alberta Investment Management Corp bought a new position in Canadian Solar during the 2nd quarter valued at about $89,510,000. Renaissance Technologies LLC purchased a new stake in Canadian Solar in the 1st quarter worth about $6,921,000. Finally, JPMorgan Chase & Co. raised its position in Canadian Solar by 206.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after purchasing an additional 385,355 shares during the period. 52.36% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Canadian Solar

In other news, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 21.50% of the company’s stock.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $15.14 on Monday. The firm has a market cap of $1.03 billion, a P/E ratio of -6.01 and a beta of 1.52. Canadian Solar Inc. has a one year low of $9.41 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The firm has a 50-day simple moving average of $15.33 and a 200-day simple moving average of $16.46.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.06) by $0.35. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 9.9% on a year-over-year basis. During the same quarter last year, the firm earned ($1.07) EPS. Equities analysts anticipate that Canadian Solar Inc. will post -1.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CSIQ. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and increased their target price for the stock from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Finally, Mizuho boosted their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, June 15th. 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.36.

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.