Shah Capital Management Buys 1,556,964 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Shah Capital Management boosted its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 825.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,745,546 shares of the solar energy provider’s stock after buying an additional 1,556,964 shares during the period. Canadian Solar accounts for approximately 3.9% of Shah Capital Management’s investment portfolio, making the stock its 6th largest holding. Shah Capital Management owned 2.64% of Canadian Solar worth $19,410,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Cerity Partners LLC increased its holdings in shares of 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 during the period. Barclays PLC increased its holdings in shares of Canadian Solar by 494.4% during the third 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 during the period. Quantbot Technologies LP acquired a new position in shares of Canadian Solar during the third quarter valued at $1,109,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Canadian Solar by 101.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock valued at $1,902,000 after purchasing an additional 57,246 shares during the period. Finally, KBC Group NV increased its holdings in shares of Canadian Solar by 36.2% during the third quarter. KBC Group NV now owns 142,402 shares of the solar energy provider’s stock valued at $2,387,000 after purchasing an additional 37,850 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Mizuho assumed coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 price target on the stock. Wells Fargo & Company lowered their price target on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Citigroup lowered Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 17th. Finally, Jefferies Financial Group initiated coverage on Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price on the stock. Five analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $18.31.

Canadian Solar Trading Up 1.6 %

NASDAQ:CSIQ opened at $10.96 on Monday. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. Canadian Solar Inc. has a 1-year low of $10.22 and a 1-year high of $24.32. The stock has a fifty day simple moving average of $11.83 and a 200 day simple moving average of $13.38.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the company posted $0.32 EPS. Canadian Solar’s revenue for the quarter was down 18.4% on a year-over-year basis. Equities analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal 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.