Canadian Solar Inc. (NASDAQ:CSIQ) Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia lifted its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 29.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 95,017 shares of the solar energy provider’s stock after buying an additional 21,440 shares during the period. Bank of Nova Scotia’s holdings in Canadian Solar were worth $1,057,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CSIQ. USCF Advisers LLC lifted its position in shares of Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after buying an additional 1,000 shares during the last quarter. Wells Fargo & Company MN raised its stake in Canadian Solar by 184.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock worth $57,000 after acquiring an additional 3,347 shares in the last quarter. Sciencast Management LP acquired a new stake in Canadian Solar during the 4th quarter worth $113,000. Miracle Mile Advisors LLC purchased a new stake in Canadian Solar in the fourth quarter valued at $133,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Canadian Solar by 28.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,193 shares of the solar energy provider’s stock valued at $466,000 after acquiring an additional 8,505 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $7.64 on Tuesday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company has a market cap of $505.45 million, a PE ratio of -63.67, a P/E/G ratio of 0.74 and a beta of 1.33. The stock has a fifty day moving average price of $9.59 and a 200 day moving average price of $11.45. Canadian Solar Inc. has a 1-year low of $6.57 and a 1-year high of $21.05.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm’s revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.02) EPS. Sell-side analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current year.

Analysts Set New Price Targets

CSIQ has been the subject of several research reports. The Goldman Sachs Group reduced their target price on Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a report on Wednesday, March 26th. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Wells Fargo & Company lowered their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. Finally, Citigroup reduced their price target on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating for the company in a research report on Wednesday, March 26th. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $17.84.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.