Skandinaviska Enskilda Banken AB publ Has $4.72 Million Position in Canadian Solar Inc. (NASDAQ:CSIQ)

Skandinaviska Enskilda Banken AB publ cut its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 13.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 319,656 shares of the solar energy provider’s stock after selling 50,107 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.48% of Canadian Solar worth $4,717,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CSIQ. SIR Capital Management L.P. bought a new stake in Canadian Solar in the second quarter worth $3,994,000. D. Scott Neal Inc. bought a new stake in shares of Canadian Solar during the 2nd quarter worth about $3,898,000. Foundry Partners LLC acquired a new position in shares of Canadian Solar during the 2nd quarter valued at about $3,667,000. Schroder Investment Management Group raised its stake in shares of 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 valued at $41,330,000 after acquiring an additional 213,959 shares in the last quarter. Finally, DNB Asset Management AS lifted 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 purchasing an additional 211,820 shares during the last quarter. 52.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CSIQ has been the topic of a number of research analyst reports. The Goldman Sachs Group lowered their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. Oppenheimer dropped their price objective 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. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. UBS Group dropped their price target on Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, June 12th. Finally, Roth Mkm cut their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $23.33.

Canadian Solar Stock Performance

NASDAQ:CSIQ opened at $14.05 on Monday. The stock’s 50-day moving average is $14.30 and its 200-day moving average is $16.22. The stock has a market cap of $929.53 million, a P/E ratio of 4.88, a price-to-earnings-growth ratio of 3.61 and a beta of 1.29. Canadian Solar Inc. has a 1-year low of $11.41 and a 1-year high of $26.85. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the prior year, the firm posted $2.39 earnings per share. The business’s quarterly revenue was down 30.8% compared to the same quarter last year. Equities research analysts anticipate that Canadian Solar Inc. will post 0.15 earnings per share for the current year.

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.