Canadian Solar Inc. $CSIQ Stock Position Boosted by Crystal Cove Asset Management LLC

Crystal Cove Asset Management LLC raised its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 50.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,311,900 shares of the solar energy provider’s stock after purchasing an additional 441,400 shares during the period. Canadian Solar makes up 22.8% of Crystal Cove Asset Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Crystal Cove Asset Management LLC’s holdings in Canadian Solar were worth $15,113,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Mraz Amerine & Associates Inc. grew its holdings in shares of Canadian Solar by 53.6% during the third quarter. Mraz Amerine & Associates Inc. now owns 18,073 shares of the solar energy provider’s stock worth $208,000 after buying an additional 6,308 shares in the last quarter. Prescott Group Capital Management L.L.C. acquired a new position in Canadian Solar during the 3rd quarter worth approximately $230,000. Counterpoint Mutual Funds LLC acquired a new position in Canadian Solar during the 3rd quarter worth approximately $527,000. TD Waterhouse Canada Inc. grew its stake in shares of Canadian Solar by 139.2% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 23,200 shares of the solar energy provider’s stock worth $262,000 after acquiring an additional 13,500 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Canadian Solar during the 2nd quarter worth approximately $166,000. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Stock Down 1.6%

NASDAQ:CSIQ opened at $9.88 on Friday. Canadian Solar Inc. has a twelve month low of $8.79 and a twelve month high of $34.59. The firm has a market capitalization of $670.85 million, a price-to-earnings ratio of -2.57 and a beta of 1.50. The company has a quick ratio of 0.78, a current ratio of 1.02 and a debt-to-equity ratio of 0.95. The stock’s 50 day moving average price is $10.90 and its two-hundred day moving average price is $14.87.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The company’s quarterly revenue was down 28.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.53) EPS. Equities research analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CSIQ. Wall Street Zen downgraded shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, August 29th. JPMorgan Chase & Co. reduced their target price on shares of Canadian Solar from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Monday, October 19th. Mizuho decreased their target price on shares of Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, August 28th. Zacks Research downgraded shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Finally, Glj Research reiterated a “sell” rating and issued a $5.58 price target on shares of Canadian Solar in a research note on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $15.84.

Canadian Solar Company Profile

Canadian Solar Inc. is a global solar technology and renewable energy company founded in 2001 by Shawn Qu. The company manufactures photovoltaic solar modules and battery energy storage products for residential, commercial and utility-scale applications. Through its project development and services businesses, including Recurrent Energy, Canadian Solar develops, builds and operates solar power and energy storage projects. Its products and projects serve customers in markets around the world. Founder Shawn Qu has served as the company’s chairman and chief executive officer.