Canadian Solar Inc. (NASDAQ:CSIQ) Sees Large Drop in Short Interest

Canadian Solar Inc. (NASDAQ:CSIQ - Get Free Report) saw a large drop in short interest in February. As of February 28th, there was short interest totalling 10,540,000 shares, a drop of 17.0% from the February 13th total of 12,700,000 shares. Based on an average trading volume of 1,760,000 shares, the days-to-cover ratio is currently 6.0 days. Approximately 22.4% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CSIQ shares. Wells Fargo & Company reduced 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 report on Wednesday, January 8th. Jefferies Financial Group assumed coverage on Canadian Solar in a report on Friday, November 22nd. They issued a "buy" rating and a $14.15 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. The Goldman Sachs Group downgraded Canadian Solar from a "neutral" rating to a "sell" rating and decreased their price target for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Finally, Mizuho started coverage on Canadian Solar in a report on Friday, December 13th. They issued an "outperform" rating and a $20.00 price objective for the company. Five analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $18.04.

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Institutional Investors Weigh In On Canadian Solar

Institutional investors have recently made changes to their positions in the stock. KBC Group NV increased its position in shares of Canadian Solar by 36.2% in the third quarter. KBC Group NV now owns 142,402 shares of the solar energy provider's stock worth $2,387,000 after purchasing an additional 37,850 shares during the period. Prospera Financial Services Inc acquired a new stake in Canadian Solar during the third quarter worth about $333,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 acquiring an additional 57,246 shares during the period. Cerity Partners LLC boosted 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 acquiring an additional 243,542 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its stake in Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider's stock valued at $149,000 after acquiring an additional 1,500 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Stock Performance

Shares of NASDAQ:CSIQ traded down $0.19 during trading on Friday, reaching $9.96. 1,736,477 shares of the stock were exchanged, compared to its average volume of 1,817,777. Canadian Solar has a 12 month low of $9.19 and a 12 month high of $21.05. The stock has a 50-day moving average price of $10.43 and a 200-day moving average price of $12.13. 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 cap of $658.94 million, a PE ratio of -83.00, a PEG ratio of 0.74 and a beta of 1.34.

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.