Cresset Asset Management LLC Sells 23,507 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Cresset Asset Management LLC decreased its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 59.8% in the 4th quarter, HoldingsChannel reports. The firm owned 15,796 shares of the solar energy provider’s stock after selling 23,507 shares during the quarter. Cresset Asset Management LLC’s holdings in Canadian Solar were worth $176,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CSIQ. Barclays PLC lifted its position 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 period. SG Americas Securities LLC lifted its position in Canadian Solar by 24.5% during the fourth quarter. SG Americas Securities LLC now owns 85,545 shares of the solar energy provider’s stock worth $951,000 after purchasing an additional 16,815 shares during the period. Shah Capital Management lifted its position in Canadian Solar by 825.6% during the fourth quarter. Shah Capital Management now owns 1,745,546 shares of the solar energy provider’s stock worth $19,410,000 after purchasing an additional 1,556,964 shares during the period. Waterfront Wealth Inc. lifted its position in Canadian Solar by 16.9% during the fourth quarter. Waterfront Wealth Inc. now owns 185,175 shares of the solar energy provider’s stock worth $2,059,000 after purchasing an additional 26,778 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Canadian Solar by 59.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 180,792 shares of the solar energy provider’s stock worth $2,010,000 after purchasing an additional 67,331 shares during the period. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Performance

Canadian Solar stock opened at $10.85 on Monday. The business has a 50 day moving average of $8.96 and a 200-day moving average of $10.61. Canadian Solar Inc. has a 1 year low of $6.57 and a 1 year high of $21.05. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The company has a market capitalization of $717.83 million, a P/E ratio of -90.42, a P/E/G ratio of 0.74 and a beta of 1.35.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.50) by $0.43. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.11 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The company’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.19 EPS. On average, equities research analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have commented on the company. Roth Capital downgraded Canadian Solar from a “buy” rating to a “neutral” rating and set a $9.00 target price for the company. in a research note on Friday, April 25th. Wells Fargo & Company boosted their target price on Canadian Solar from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Friday. Citigroup raised Canadian Solar from a “sell” rating to a “neutral” rating and set a $8.00 target price for the company in a research note on Thursday, April 17th. The Goldman Sachs Group boosted their target price on Canadian Solar from $8.00 to $9.00 and gave the stock a “sell” rating in a research note on Friday. Finally, StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research note on Friday. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Canadian Solar currently has a consensus rating of “Hold” and a consensus price target of $16.86.

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.