Clear Harbor Asset Management LLC Sells 8,360 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Clear Harbor Asset Management LLC lowered its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 30.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,260 shares of the solar energy provider’s stock after selling 8,360 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Canadian Solar were worth $323,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new position in Canadian Solar in the 2nd quarter valued at approximately $31,000. Daiwa Securities Group Inc. lifted its stake 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 acquiring an additional 3,100 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Canadian Solar during the 3rd quarter valued at $219,000. Janney Montgomery Scott LLC grew its position in Canadian Solar by 9.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after acquiring an additional 1,283 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after purchasing an additional 4,739 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

Shares of CSIQ opened at $13.41 on Monday. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. The firm’s fifty day simple moving average is $13.77 and its two-hundred day simple moving average is $15.36. Canadian Solar Inc. has a 12 month low of $11.41 and a 12 month high of $26.85. The stock has a market capitalization of $887.19 million, a P/E ratio of 4.66, a price-to-earnings-growth ratio of 4.92 and a beta of 1.31.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.58 billion. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm’s revenue for the quarter was down 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.39 EPS. As a group, analysts predict that Canadian Solar Inc. will post 0.12 EPS for the current year.

Analyst Upgrades and Downgrades

CSIQ has been the topic of a number of recent research reports. Oppenheimer cut their price target 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. Roth Mkm cut their target price on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. The Goldman Sachs Group dropped their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Finally, StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $22.03.

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.