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

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, July 16th. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Oppenheimer lowered their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. Roth Mkm lowered their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 26th. Finally, Glj Research increased their price target on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research report on Tuesday, July 30th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $23.33.

Institutional Investors Weigh In On Canadian Solar

Several large investors have recently added to or reduced their stakes in the company. Mackenzie Financial Corp increased its holdings in Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after acquiring an additional 1,037,800 shares during the last quarter. Schroder Investment Management Group increased its holdings in Canadian Solar by 15.7% in the 4th quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock worth $41,330,000 after acquiring an additional 213,959 shares during the last quarter. DNB Asset Management AS increased its holdings in Canadian Solar by 31.4% in the 2nd quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock worth $13,083,000 after acquiring an additional 211,820 shares during the last quarter. Robotti Robert increased its holdings in Canadian Solar by 92.5% in the 1st quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock worth $6,234,000 after acquiring an additional 151,610 shares during the last quarter. Finally, SIR Capital Management L.P. purchased a new stake in Canadian Solar in the 2nd quarter worth about $3,994,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Performance

Shares of Canadian Solar stock traded up $0.59 during trading hours on Wednesday, hitting $14.65. 1,487,237 shares of the company’s stock traded hands, compared to its average volume of 1,559,892. Canadian Solar has a 12-month low of $11.41 and a 12-month high of $27.36. The stock has a market capitalization of $969.23 million, a price-to-earnings ratio of 5.10, a PEG ratio of 3.61 and a beta of 1.29. The company has a fifty day simple moving average of $14.46 and a 200-day simple moving average of $16.34. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.04 and a quick ratio of 0.82.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.58 billion. During the same period last year, the firm posted $2.39 EPS. The business’s revenue was down 30.8% compared to the same quarter last year. Equities research analysts anticipate that Canadian Solar will post 0.15 EPS for the current fiscal 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.