Canadian Solar Inc. (NASDAQ:CSIQ) Shares Sold by DnB Asset Management AS

DnB Asset Management AS lowered its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 13.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 859,216 shares of the solar energy provider’s stock after selling 137,520 shares during the period. DnB Asset Management AS’s holdings in Canadian Solar were worth $9,554,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CSIQ. Vanguard Group Inc. increased its stake in Canadian Solar by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider’s stock worth $22,544,000 after buying an additional 23,355 shares during the period. Shah Capital Management grew its stake in shares of Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock valued at $19,410,000 after acquiring an additional 1,556,964 shares in the last quarter. IvyRock Asset Management HK Ltd purchased a new stake in shares of Canadian Solar during the fourth quarter worth about $15,440,000. Greenwoods Asset Management Hong Kong Ltd. acquired a new position in shares of Canadian Solar in the fourth quarter worth about $7,738,000. Finally, Robotti Robert boosted its holdings in Canadian Solar by 55.2% in the fourth quarter. Robotti Robert now owns 487,880 shares of the solar energy provider’s stock valued at $5,425,000 after purchasing an additional 173,499 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $9.23 on Friday. The company has a market cap of $610.65 million, a PE ratio of -76.92, a P/E/G ratio of 0.74 and a beta of 1.34. Canadian Solar Inc. has a fifty-two week low of $9.13 and a fifty-two week high of $21.05. The firm has a 50-day simple moving average of $10.26 and a 200 day simple moving average of $12.04. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Tuesday, March 25th. The solar energy provider reported ($1.47) EPS for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the company posted ($0.02) earnings per share. On average, sell-side analysts anticipate that Canadian Solar Inc. will post -0.23 EPS for the current year.

Analyst Upgrades and Downgrades

CSIQ has been the topic of several analyst reports. The Goldman Sachs Group dropped their price objective on Canadian Solar from $11.00 to $9.00 and set a “sell” rating on the stock in a report on Wednesday. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price target on the stock. Citigroup reduced their price objective on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating on the stock in a research note on Wednesday. Wells Fargo & Company dropped their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Finally, StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $17.84.

Canadian Solar 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.