Canadian Solar Inc. (NASDAQ:CSIQ) Sees Significant Decrease in Short Interest

Canadian Solar Inc. (NASDAQ:CSIQ) was the target of a large decrease in short interest in February. As of February 28th, there was short interest totalling 10,540,000 shares, a decrease of 17.0% from the February 13th total of 12,700,000 shares. Currently, 22.4% of the shares of the stock are sold short. Based on an average daily volume of 1,760,000 shares, the days-to-cover ratio is presently 6.0 days.

Hedge Funds Weigh In On Canadian Solar

A number of large investors have recently added to or reduced their stakes in CSIQ. KBC Group NV raised its position in Canadian Solar by 36.2% in the 3rd 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 bought a new stake in Canadian Solar in the 3rd quarter worth $333,000. Charles Schwab Investment Management Inc. grew its holdings in Canadian Solar by 101.8% in 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 last quarter. Cerity Partners LLC grew its holdings in Canadian Solar by 131.5% in 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 during the last quarter. Finally, Daiwa Securities Group Inc. grew its holdings 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 acquiring an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CSIQ shares. Jefferies Financial Group started coverage on shares of Canadian Solar in a research note on Friday, November 22nd. They issued a “buy” rating and a $14.15 target price on the stock. Mizuho started 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. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $14.00 to $11.00 in a research note on Tuesday, December 17th. Wells Fargo & Company lowered their price objective 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. Finally, StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Five equities research 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, the company presently has an average rating of “Hold” and a consensus price target of $18.04.

Canadian Solar Trading Down 1.8 %

NASDAQ:CSIQ traded down $0.18 during trading hours on Tuesday, reaching $9.78. The company’s stock had a trading volume of 819,743 shares, compared to its average volume of 1,813,237. The firm has a market capitalization of $647.04 million, a price-to-earnings ratio of -81.50, a PEG ratio of 0.74 and a beta of 1.34. The firm has a 50-day simple moving average of $10.65 and a 200-day simple moving average of $12.20. Canadian Solar has a 1 year low of $9.19 and a 1 year high of $21.05. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Canadian Solar Company 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.