SIR Capital Management L.P. Takes $3.99 Million Position in Canadian Solar Inc. (NASDAQ:CSIQ)

SIR Capital Management L.P. acquired a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 270,787 shares of the solar energy provider’s stock, valued at approximately $3,994,000. SIR Capital Management L.P. owned about 0.41% of Canadian Solar at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CSIQ. Russell Investments Group Ltd. grew its holdings in shares of Canadian Solar by 366.5% during the fourth quarter. Russell Investments Group Ltd. now owns 126,683 shares of the solar energy provider’s stock valued at $3,323,000 after buying an additional 99,528 shares during the last quarter. Private Advisor Group LLC bought a new position in shares of Canadian Solar during the fourth quarter valued at about $201,000. BNP Paribas Financial Markets lifted its position in shares of Canadian Solar by 35.3% during the fourth quarter. BNP Paribas Financial Markets now owns 151,758 shares of the solar energy provider’s stock valued at $3,981,000 after purchasing an additional 39,601 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Canadian Solar by 51.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 24,046 shares of the solar energy provider’s stock valued at $606,000 after purchasing an additional 8,202 shares in the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in shares of Canadian Solar during the fourth quarter valued at about $359,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CSIQ. The Goldman Sachs Group dropped their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. JPMorgan Chase & Co. raised their price target on shares of Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. Oppenheimer lowered their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday, August 23rd. UBS Group lowered their price objective on shares of 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, Glj Research lifted their price objective on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research report on Tuesday, July 30th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $23.33.

Canadian Solar Price Performance

CSIQ opened at $11.90 on Tuesday. The company has a market capitalization of $787.30 million, a price-to-earnings ratio of 4.13, a PEG ratio of 3.11 and a beta of 1.29. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average price of $14.67 and a 200-day moving average price of $16.65. Canadian Solar Inc. has a twelve month low of $11.62 and a twelve month high of $28.18.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The company’s revenue was down 30.8% on a year-over-year basis. During the same quarter last year, the company earned $2.39 earnings per share. Equities analysts expect that Canadian Solar Inc. will post 0.15 EPS for the current year.

About Canadian Solar

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.