Banque Cantonale Vaudoise Boosts Stake in Canadian Solar Inc. (NASDAQ:CSIQ)

Banque Cantonale Vaudoise lifted its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 12.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,677 shares of the solar energy provider’s stock after purchasing an additional 1,909 shares during the period. Banque Cantonale Vaudoise’s holdings in Canadian Solar were worth $684,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KBC Group NV increased its stake in shares of Canadian Solar by 4.6% in the 1st quarter. KBC Group NV now owns 128,255 shares of the solar energy provider’s stock worth $5,106,000 after purchasing an additional 5,693 shares in the last quarter. Scotia Capital Inc. increased its stake in shares of Canadian Solar by 6.1% in the 2nd quarter. Scotia Capital Inc. now owns 38,645 shares of the solar energy provider’s stock worth $1,495,000 after purchasing an additional 2,223 shares in the last quarter. North Growth Management Ltd. increased its stake in shares of Canadian Solar by 10.0% in the 1st quarter. North Growth Management Ltd. now owns 33,000 shares of the solar energy provider’s stock worth $1,306,000 after purchasing an additional 3,000 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Canadian Solar in the 2nd quarter worth $622,000. Finally, Acadian Asset Management LLC increased its stake in shares of Canadian Solar by 695.9% in the 2nd quarter. Acadian Asset Management LLC now owns 753,385 shares of the solar energy provider’s stock worth $29,123,000 after purchasing an additional 658,725 shares in the last quarter. 50.35% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Stock Down 4.8 %

Shares of NASDAQ:CSIQ opened at $20.55 on Thursday. The company has a current ratio of 1.22, a quick ratio of 0.96 and a debt-to-equity ratio of 0.36. Canadian Solar Inc. has a 12 month low of $17.82 and a 12 month high of $45.29. The company has a 50-day moving average price of $23.06 and a 200 day moving average price of $31.57. The company has a market cap of $1.33 billion, a price-to-earnings ratio of 3.54 and a beta of 1.49.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Tuesday, November 14th. The solar energy provider reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.50). Canadian Solar had a net margin of 5.14% and a return on equity of 15.92%. The business had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the business posted $1.12 EPS. The firm’s revenue was down 4.5% on a year-over-year basis. As a group, equities research analysts predict that Canadian Solar Inc. will post 6.21 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CSIQ shares. Roth Capital cut their price target on Canadian Solar from $50.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday. Oppenheimer cut their price target on Canadian Solar from $68.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday. Roth Mkm cut their price target on Canadian Solar from $70.00 to $50.00 and set a “buy” rating for the company in a research note on Wednesday, August 23rd. StockNews.com started coverage on Canadian Solar in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Finally, Citigroup cut their price target on Canadian Solar from $30.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, October 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Canadian Solar presently has an average rating of “Hold” and an average price target of $39.13.

Canadian Solar Company Profile

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.