SG Americas Securities LLC Sells 36,249 Shares of Canadian Solar Inc. $CSIQ

SG Americas Securities LLC reduced its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 37.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,210 shares of the solar energy provider’s stock after selling 36,249 shares during the period. SG Americas Securities LLC owned approximately 0.09% of Canadian Solar worth $848,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Polunin Capital Partners Ltd purchased a new position in Canadian Solar during the fourth quarter worth about $43,692,000. Two Sigma Investments LP purchased a new stake in Canadian Solar during the 3rd quarter valued at about $11,544,000. JPMorgan Chase & Co. grew its holdings in shares of Canadian Solar by 206.6% in the third quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after purchasing an additional 385,355 shares during the last quarter. Tudor Investment Corp ET AL bought a new stake in Canadian Solar in the 3rd quarter worth $5,008,000. Finally, Deutsche Bank AG purchased a new position in Canadian Solar during the 4th quarter valued at about $9,003,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Performance

Shares of Canadian Solar stock opened at $14.45 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. Canadian Solar Inc. has a fifty-two week low of $9.41 and a fifty-two week high of $34.59. The company has a fifty day moving average of $16.94 and a 200 day moving average of $18.11. The company has a market capitalization of $981.15 million, a P/E ratio of -5.73 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.06) by $0.35. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm’s quarterly revenue was down 9.9% on a year-over-year basis. During the same quarter last year, the company earned ($1.07) EPS. On average, sell-side analysts anticipate that Canadian Solar Inc. will post -1.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Mizuho boosted their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, June 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. Freedom Capital downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Wall Street Zen raised Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Finally, Oppenheimer decreased their target price on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, Canadian Solar presently has a consensus rating of “Reduce” and an average target price of $18.66.

Insider Transactions at Canadian Solar

In related news, Director Andrew Luen Cheung Wong sold 1,752 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company’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 value of $34,368.15. The SEC filing for this sale provides additional information. 21.50% of the stock is currently owned by insiders.

Canadian Solar 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.