AI Squared Management Ltd Makes New $7.08 Million Investment in Canadian Solar Inc. $CSIQ

AI Squared Management Ltd purchased a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 297,800 shares of the solar energy provider’s stock, valued at approximately $7,079,000. Canadian Solar comprises approximately 8.2% of AI Squared Management Ltd’s investment portfolio, making the stock its 4th largest holding.

Several other hedge funds also recently modified their holdings of CSIQ. China Universal Asset Management Co. Ltd. purchased a new position in shares of Canadian Solar during the 4th quarter worth about $48,000. Raymond James Financial Inc. purchased a new position in shares of Canadian Solar during the 2nd quarter worth about $33,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after acquiring an additional 312 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Canadian Solar during the 3rd quarter worth about $73,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. Additional details regarding this sale are available in the official SEC disclosure. 21.50% of the stock is currently owned by company insiders.

Canadian Solar Trading Up 3.4%

CSIQ opened at $15.76 on Friday. The firm has a market capitalization of $1.07 billion, a P/E ratio of -6.25 and a beta of 1.50. The firm’s 50 day moving average is $16.07 and its 200-day moving average is $19.14. Canadian Solar Inc. has a 52-week low of $9.41 and a 52-week high of $34.59. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The business’s quarterly revenue was down 9.9% on a year-over-year basis. During the same quarter last year, the firm posted ($1.07) earnings per share. Analysts expect that Canadian Solar Inc. will post -1.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on CSIQ. Oppenheimer cut their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, March 20th. Mizuho cut their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Roth Mkm cut their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Wells Fargo & Company cut their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 8th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $18.36.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.