Canadian Solar Inc. (NASDAQ:CSIQ) Position Lowered by Geode Capital Management LLC

Geode Capital Management LLC reduced its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 7.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,300 shares of the solar energy provider’s stock after selling 6,514 shares during the quarter. Geode Capital Management LLC owned approximately 0.12% of Canadian Solar worth $1,296,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Mackenzie Financial Corp grew its position in shares of 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 in the last quarter. Barclays PLC lifted its stake in Canadian Solar by 494.4% during the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock worth $1,932,000 after purchasing an additional 95,924 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Canadian Solar by 101.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after purchasing an additional 57,246 shares during the period. Private Advisor Group LLC bought a new stake in Canadian Solar during the third quarter valued at $219,000. Finally, Cerity Partners LLC raised its holdings in shares of Canadian Solar by 131.5% during the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $12.74 on Friday. The stock has a market cap of $842.87 million, a P/E ratio of -106.17, a P/E/G ratio of 8.89 and a beta of 1.27. The firm’s 50-day simple moving average is $12.27 and its 200 day simple moving average is $13.73. Canadian Solar Inc. has a fifty-two week low of $10.60 and a fifty-two week high of $25.43. The company has a quick ratio of 0.85, a current ratio of 1.06 and a debt-to-equity ratio of 0.65.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. Canadian Solar’s quarterly revenue was down 18.4% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. Equities analysts expect that Canadian Solar Inc. will post 0.06 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Wells Fargo & Company decreased their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a report on Wednesday. The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and decreased their target price for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $19.00 to $11.00 in a research report on Tuesday, October 22nd. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Jefferies Financial Group began coverage on Canadian Solar in a research note on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective for the company. Four analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.31.

Canadian Solar 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.