Caisse de depot et placement du Quebec Invests $2.26 Billion in Canadian Solar Inc. $CSIQ

Caisse de depot et placement du Quebec purchased a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) in the 2nd quarter, HoldingsChannel reports. The firm purchased 18,962,558 shares of the solar energy provider’s stock, valued at approximately $2,262,141,000. Canadian Solar makes up approximately 3.2% of Caisse de depot et placement du Quebec’s holdings, making the stock its 3rd biggest position. Caisse de depot et placement du Quebec owned 0.28% of Canadian Solar as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Canadian Solar during the 2nd quarter worth $25,000. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% in 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 in the last quarter. Optiver Holding B.V. bought a new stake in Canadian Solar in the first quarter worth $44,000. Finally, Quarry LP acquired a new position in Canadian Solar during the fourth quarter worth $54,000. Institutional investors own 52.36% of the company’s stock.

Wall Street Analyst Weigh In

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

Canadian Solar Stock Down 0.3%

CSIQ stock opened at $14.28 on Wednesday. The stock has a market capitalization of $969.61 million, a price-to-earnings ratio of -5.67 and a beta of 1.52. The company has a 50-day moving average of $15.10 and a two-hundred day moving average of $16.18. Canadian Solar Inc. has a 52-week low of $9.41 and a 52-week high of $34.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81.

Canadian Solar Company 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.