Canadian Solar Inc. (NASDAQ:CSIQ) Short Interest Update

Canadian Solar Inc. (NASDAQ:CSIQ) was the target of a significant growth in short interest in August. As of August 31st, there was short interest totalling 7,830,000 shares, a growth of 6.4% from the August 15th total of 7,360,000 shares. Currently, 16.6% of the company’s stock are short sold. Based on an average daily volume of 1,540,000 shares, the days-to-cover ratio is currently 5.1 days.

Institutional Investors Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP purchased a new position in shares of Canadian Solar during the second quarter worth about $31,000. Daiwa Securities Group Inc. boosted its position in shares of Canadian Solar by 72.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after purchasing an additional 3,100 shares during the period. Private Advisor Group LLC purchased a new position in Canadian Solar during the 4th quarter worth approximately $201,000. Capstone Investment Advisors LLC acquired a new position in Canadian Solar during the fourth quarter worth approximately $359,000. Finally, Janney Montgomery Scott LLC lifted its stake in Canadian Solar by 9.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after buying an additional 1,283 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CSIQ. The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday, August 26th. Roth Mkm cut their price objective on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Oppenheimer reduced their price objective on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research note on Friday, August 23rd. UBS Group lowered their target price on Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. Finally, Glj Research upped their price target on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.33.

Canadian Solar Stock Up 2.9 %

Shares of NASDAQ:CSIQ traded up $0.40 on Tuesday, hitting $14.06. 826,392 shares of the company’s stock were exchanged, compared to its average volume of 1,560,299. Canadian Solar has a 1-year low of $11.41 and a 1-year high of $27.36. The company has a market capitalization of $930.20 million, a PE ratio of 4.88, a P/E/G ratio of 3.61 and a beta of 1.29. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. The firm’s 50-day moving average is $14.49 and its 200 day moving average is $16.39.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the company posted $2.39 earnings per share. The firm’s quarterly revenue was down 30.8% compared to the same quarter last year. Sell-side analysts predict that Canadian Solar will post 0.15 EPS for the current year.

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.