IvyRock Asset Management HK Ltd Makes New $15.44 Million Investment in Canadian Solar Inc. (NASDAQ:CSIQ)

IvyRock Asset Management HK Ltd bought a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the fourth quarter, HoldingsChannel reports. The fund bought 1,388,500 shares of the solar energy provider’s stock, valued at approximately $15,440,000. Canadian Solar accounts for approximately 6.8% of IvyRock Asset Management HK Ltd’s portfolio, making the stock its 5th biggest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Shah Capital Management boosted its stake in Canadian Solar by 825.6% during the 4th quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after purchasing an additional 1,556,964 shares during the period. Barclays PLC boosted its holdings in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Canadian Solar by 101.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after purchasing an additional 57,246 shares during the period. Waterfront Wealth Inc. increased its position in Canadian Solar by 16.9% during the 4th quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after purchasing an additional 26,778 shares during the period. Finally, Greenwoods Asset Management Hong Kong Ltd. acquired a new stake in shares of Canadian Solar in the 4th quarter valued at approximately $7,738,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Trading Down 2.6 %

Shares of CSIQ opened at $9.70 on Tuesday. The stock has a market cap of $641.74 million, a PE ratio of -80.83, a P/E/G ratio of 0.74 and a beta of 1.34. Canadian Solar Inc. has a 12 month low of $9.19 and a 12 month high of $21.05. The stock’s 50-day moving average is $10.39 and its two-hundred day moving average is $12.11. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Analyst Ratings Changes

CSIQ has been the subject of a number of recent analyst reports. Wells Fargo & Company reduced their target price on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Mizuho assumed coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Finally, The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Five equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $18.04.

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.