Canadian Solar Inc. (NASDAQ:CSIQ) Shares Sold by abrdn plc

abrdn plc lessened its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 5.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,854 shares of the solar energy provider’s stock after selling 1,594 shares during the quarter. abrdn plc’s holdings in Canadian Solar were worth $698,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CSIQ. Adirondack Trust Co. increased its stake in shares of Canadian Solar by 200.0% during the 3rd quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock worth $37,000 after purchasing an additional 1,000 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Canadian Solar by 71.2% in the third quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider’s stock worth $59,000 after acquiring an additional 993 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Canadian Solar in the third quarter valued at $93,000. Campbell & CO Investment Adviser LLC raised its stake in Canadian Solar by 51.3% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 8,447 shares of the solar energy provider’s stock valued at $208,000 after purchasing an additional 2,865 shares during the last quarter. Finally, Clear Harbor Asset Management LLC lifted its holdings in Canadian Solar by 21.5% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 11,870 shares of the solar energy provider’s stock valued at $292,000 after purchasing an additional 2,100 shares in the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group reduced their price objective on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Citigroup decreased their price target on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. Daiwa Capital Markets initiated coverage on shares of Canadian Solar in a research report on Monday, March 11th. They set a “neutral” rating and a $21.00 price target for the company. Finally, Wells Fargo & Company lowered their price objective on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $31.78.

Canadian Solar Stock Performance

Canadian Solar stock opened at $16.44 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a 50 day moving average of $18.58 and a 200-day moving average of $21.03. The stock has a market cap of $1.06 billion, a P/E ratio of 4.24, a price-to-earnings-growth ratio of 0.24 and a beta of 1.26. Canadian Solar Inc. has a 52 week low of $14.11 and a 52 week high of $45.29.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the business earned $1.11 EPS. The firm’s revenue for the quarter was down 13.7% compared to the same quarter last year. On average, analysts expect that Canadian Solar Inc. will post 2.58 EPS for the current fiscal year.

Canadian Solar Profile

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.