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

IvyRock Asset Management HK Ltd bought a new stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 holdings, making the stock its 5th largest position. IvyRock Asset Management HK Ltd owned about 2.10% of Canadian Solar at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CSIQ. Vanguard Group Inc. raised its stake in shares of Canadian Solar by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 2,027,302 shares of the solar energy provider's stock valued at $22,544,000 after buying an additional 23,355 shares in the last quarter. Shah Capital Management increased its stake in Canadian Solar by 825.6% in 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 during the period. Greenwoods Asset Management Hong Kong Ltd. acquired a new position in Canadian Solar in the fourth quarter worth about $7,738,000. State Street Corp lifted its stake in Canadian Solar by 5.6% during the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider's stock worth $8,159,000 after purchasing an additional 25,901 shares during the period. Finally, Cerity Partners LLC boosted its holdings in Canadian Solar by 131.5% during the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider's stock valued at $7,186,000 after purchasing an additional 243,542 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

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

Canadian Solar Price Performance

CSIQ traded down $0.36 during midday trading on Friday, hitting $9.23. The company had a trading volume of 1,878,199 shares, compared to its average volume of 1,851,608. Canadian Solar Inc. has a twelve month low of $9.13 and a twelve month high of $21.05. The company has a market capitalization of $610.65 million, a PE ratio of -76.92, a P/E/G 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 simple moving average is $10.26 and its 200-day simple moving average is $12.04.

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

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.