DnB Asset Management AS Sells 137,520 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

DnB Asset Management AS decreased its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 13.8% in the 4th quarter, according to the company in its most recent 13F filing 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 quarter. DnB Asset Management AS owned about 1.30% of Canadian Solar worth $9,554,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. USCF Advisers LLC boosted its position in shares of Canadian Solar by 66.7% in the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider's stock valued at $28,000 after acquiring an additional 1,000 shares during the period. Sciencast Management LP bought a new stake in Canadian Solar in the 4th quarter valued at $113,000. Miracle Mile Advisors LLC bought a new stake in Canadian Solar in the 4th quarter valued at $133,000. Daiwa Securities Group Inc. grew its position in Canadian Solar by 20.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider's stock worth $149,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Canadian Solar by 28.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,193 shares of the solar energy provider's stock worth $466,000 after purchasing an additional 8,505 shares during the period. Institutional investors and hedge funds own 52.36% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. 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 research note on Wednesday, January 8th. Mizuho initiated coverage on Canadian Solar in a report on Friday, December 13th. They set an "outperform" rating and a $20.00 price objective on the stock. Citigroup cut their target price on Canadian Solar from $12.00 to $11.00 and set a "sell" rating for the company in a research note on Wednesday, March 26th. StockNews.com cut Canadian Solar from a "hold" rating to a "sell" rating in a research report on Friday, January 31st. Finally, The Goldman Sachs Group lowered their price target on shares of Canadian Solar from $11.00 to $9.00 and set a "sell" rating on the stock in a report on Wednesday, March 26th. Five investment analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $17.84.

Remove Ads

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ traded up $0.08 on Tuesday, hitting $8.73. The stock had a trading volume of 1,691,952 shares, compared to its average volume of 1,854,476. The company has a market capitalization of $577.57 million, a price-to-earnings ratio of -72.75, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The firm's 50 day moving average price is $10.21 and its 200-day moving average price is $11.99. Canadian Solar Inc. has a twelve month low of $8.36 and a twelve month high of $21.05.

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

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.