Two Sigma Advisers LP raised its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 813.6% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 342,602 shares of the solar energy provider’s stock after purchasing an additional 305,102 shares during the period. Two Sigma Advisers LP owned 0.59% of Canadian Solar worth $4,913,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in the business. Legal & General Group Plc bought a new position in Canadian Solar during the third quarter valued at approximately $49,000. Quantamental Technologies LLC bought a new position in Canadian Solar during the fourth quarter valued at approximately $66,000. Tower Research Capital LLC TRC bought a new position in Canadian Solar during the third quarter valued at approximately $105,000. We Are One Seven LLC bought a new position in Canadian Solar during the fourth quarter valued at approximately $120,000. Finally, Mackenzie Financial Corp bought a new position in Canadian Solar during the third quarter valued at approximately $220,000. 39.80% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on CSIQ. ValuEngine downgraded Canadian Solar from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Zacks Investment Research downgraded Canadian Solar from a “buy” rating to a “hold” rating in a research report on Thursday, April 11th. BidaskClub downgraded Canadian Solar from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 27th. JPMorgan Chase & Co. began coverage on Canadian Solar in a research report on Thursday, April 11th. They set a “neutral” rating and a $22.00 price objective on the stock. Finally, Standpoint Research downgraded Canadian Solar from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $21.50.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, March 21st. The solar energy provider reported $1.61 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.74. The firm had revenue of $901.00 million for the quarter, compared to the consensus estimate of $872.02 million. Canadian Solar had a return on equity of 18.40% and a net margin of 6.33%. The company’s revenue for the quarter was down 18.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.01 earnings per share. Sell-side analysts predict that Canadian Solar Inc. will post 2.4 earnings per share for the current year.
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Canadian Solar Profile
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.
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