Sanctuary Advisors LLC Has $520,000 Stake in Canadian Solar Inc. (NASDAQ:CSIQ)

Sanctuary Advisors LLC lifted its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 37.1% in the 3rd quarter, Holdings Channel reports. The fund owned 31,029 shares of the solar energy provider’s stock after acquiring an additional 8,404 shares during the quarter. Sanctuary Advisors LLC’s holdings in Canadian Solar were worth $520,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mackenzie Financial Corp grew its holdings in shares of Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after acquiring an additional 1,037,800 shares in the last quarter. State Street Corp increased its position in Canadian Solar by 5.6% during the 3rd quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after buying an additional 25,901 shares during the period. Cerity Partners LLC grew its position in shares of Canadian Solar by 131.5% during the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares in the last quarter. SIR Capital Management L.P. acquired a new position in Canadian Solar in the second quarter valued at about $3,994,000. Finally, Foundry Partners LLC acquired a new position in shares of Canadian Solar in the 2nd quarter valued at approximately $3,667,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CSIQ shares. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, December 18th. Mizuho began coverage on Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Jefferies Financial Group started coverage on Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. Wells Fargo & Company lowered their price objective on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, December 5th. Finally, Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Five analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $18.58.

Canadian Solar Stock Performance

CSIQ stock opened at $11.81 on Thursday. The stock has a 50-day moving average price of $12.55 and a 200-day moving average price of $14.09. Canadian Solar Inc. has a 1-year low of $10.60 and a 1-year high of $26.85. The firm has a market cap of $781.34 million, a PE ratio of -98.42, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the firm posted $0.32 earnings per share. The business’s revenue was down 18.4% compared to the same quarter last year. As a group, equities research analysts expect that Canadian Solar Inc. will post 0.06 earnings per share for the current 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.