abrdn plc Boosts Position in Canadian Solar Inc. (NASDAQ:CSIQ)

abrdn plc increased its position in shares of Canadian Solar Inc. (NASDAQ:CSIQGet Rating) by 69.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,172 shares of the solar energy provider’s stock after acquiring an additional 16,865 shares during the quarter. abrdn plc owned approximately 0.07% of Canadian Solar worth $1,456,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. FinTrust Capital Advisors LLC acquired a new position in Canadian Solar in the 1st quarter valued at about $40,000. Altfest L J & Co. Inc. acquired a new position in Canadian Solar in the first quarter valued at approximately $297,000. Migdal Insurance & Financial Holdings Ltd. grew its position in Canadian Solar by 26.6% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,421 shares of the solar energy provider’s stock worth $120,000 after acquiring an additional 719 shares during the period. Daiwa Securities Group Inc. increased its stake in Canadian Solar by 91.3% during the first quarter. Daiwa Securities Group Inc. now owns 4,400 shares of the solar energy provider’s stock worth $156,000 after acquiring an additional 2,100 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Canadian Solar by 3.6% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,685 shares of the solar energy provider’s stock valued at $1,262,000 after purchasing an additional 1,225 shares during the period. Hedge funds and other institutional investors own 46.97% of the company’s stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. raised their price objective on Canadian Solar from $36.00 to $38.00 in a research report on Wednesday, July 20th.

Canadian Solar Stock Down 2.9 %

NASDAQ:CSIQ opened at $35.81 on Tuesday. Canadian Solar Inc. has a 52 week low of $22.15 and a 52 week high of $43.14. The stock’s fifty day moving average is $31.61 and its two-hundred day moving average is $30.71. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 29.02 and a beta of 1.43. The company has a quick ratio of 0.85, a current ratio of 1.20 and a debt-to-equity ratio of 0.46.

Canadian Solar (NASDAQ:CSIQGet Rating) last announced its earnings results on Tuesday, May 24th. The solar energy provider reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.19. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Canadian Solar had a return on equity of 2.86% and a net margin of 1.50%. Canadian Solar’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period last year, the business posted $0.36 EPS. Research analysts anticipate that Canadian Solar Inc. will post 3.06 EPS for the current year.

Canadian Solar Company Profile

(Get Rating)

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

Further Reading

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Institutional Ownership by Quarter for Canadian Solar (NASDAQ:CSIQ)

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