Scientech Research LLC Acquires Shares of 34,169 Canadian Solar Inc. (NASDAQ:CSIQ)

Scientech Research LLC bought a new position in Canadian Solar Inc. (NASDAQ:CSIQ) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 34,169 shares of the solar energy provider’s stock, valued at approximately $504,000. Scientech Research LLC owned approximately 0.05% of Canadian Solar at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Green Alpha Advisors LLC grew its holdings in shares of Canadian Solar by 1.9% in the first quarter. Green Alpha Advisors LLC now owns 41,136 shares of the solar energy provider’s stock valued at $813,000 after purchasing an additional 766 shares during the period. Scotia Capital Inc. increased its holdings in shares of Canadian Solar by 3.0% during the 4th quarter. Scotia Capital Inc. now owns 39,400 shares of the solar energy provider’s stock worth $1,033,000 after buying an additional 1,130 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Canadian Solar by 9.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after buying an additional 1,283 shares during the last quarter. American Century Companies Inc. raised its position in shares of Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after buying an additional 1,383 shares during the period. Finally, Summit Place Financial Advisors LLC lifted its holdings in Canadian Solar by 7.8% in the first quarter. Summit Place Financial Advisors LLC now owns 33,013 shares of the solar energy provider’s stock valued at $652,000 after acquiring an additional 2,400 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. UBS Group cut their target price on Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. The Goldman Sachs Group decreased their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. Roth Mkm dropped their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Glj Research upped their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 16th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $23.33.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $16.17 on Monday. The firm has a 50 day moving average of $14.17 and a two-hundred day moving average of $16.02. The stock has a market capitalization of $1.07 billion, a PE ratio of 5.61, a P/E/G ratio of 4.71 and a beta of 1.29. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53. Canadian Solar Inc. has a 52 week low of $11.41 and a 52 week high of $26.85.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. Canadian Solar’s revenue for the quarter was down 30.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.39 EPS. On average, research analysts predict that Canadian Solar Inc. will post 0.12 EPS for the current fiscal year.

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.