Miracle Mile Advisors LLC Buys New Shares in Canadian Solar Inc. (NASDAQ:CSIQ)

Miracle Mile Advisors LLC purchased a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) during the fourth quarter, Holdings Channel reports. The fund purchased 12,000 shares of the solar energy provider’s stock, valued at approximately $133,000.

A number of other large investors have also recently bought and sold shares of CSIQ. Rhumbline Advisers boosted its holdings in shares of Canadian Solar by 34.6% during the 2nd quarter. Rhumbline Advisers now owns 19,459 shares of the solar energy provider’s stock worth $287,000 after buying an additional 5,003 shares in the last quarter. American Century Companies Inc. lifted 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 acquiring an additional 1,383 shares during the period. DRW Securities LLC boosted its stake in Canadian Solar by 36.0% during the second quarter. DRW Securities LLC now owns 68,000 shares of the solar energy provider’s stock worth $1,003,000 after acquiring an additional 18,000 shares in the last quarter. Marshall Wace LLP grew its holdings in Canadian Solar by 26.3% in the second quarter. Marshall Wace LLP now owns 60,143 shares of the solar energy provider’s stock worth $887,000 after purchasing an additional 12,513 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after purchasing an additional 1,037,800 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CSIQ. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. Wells Fargo & Company cut their price target on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday. Jefferies Financial Group began coverage on Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 target price on the stock. Finally, Citigroup lowered 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 note on Tuesday, October 22nd. Five equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Canadian Solar has an average rating of “Hold” and an average price target of $18.31.

Canadian Solar Trading Down 0.6 %

NASDAQ CSIQ opened at $11.05 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $731.06 million, a P/E ratio of -92.08, a PEG ratio of 0.80 and a beta of 1.27. The business has a fifty day simple moving average of $11.94 and a 200 day simple moving average of $13.58. Canadian Solar Inc. has a 12 month low of $10.60 and a 12 month high of $25.43.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS 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 company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the prior year, the company posted $0.32 earnings per share. The firm’s revenue for the quarter was down 18.4% on a year-over-year basis. On average, analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Canadian Solar Company 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.