JLB & Associates Inc. Makes New Investment in Canadian Solar Inc. $CSIQ

JLB & Associates Inc. purchased a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 49,235 shares of the solar energy provider’s stock, valued at approximately $5,871,000.

Other large investors have also recently modified their holdings of the company. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar in the 2nd quarter valued at about $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after acquiring an additional 2,463 shares during the period. Optiver Holding B.V. bought a new position in Canadian Solar during the 1st quarter worth approximately $44,000. China Universal Asset Management Co. Ltd. bought a new position in Canadian Solar during the 4th quarter worth approximately $48,000. Finally, Quarry LP purchased a new position in Canadian Solar in the 4th quarter worth approximately $54,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of several recent research reports. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Finally, Mizuho increased their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar presently has an average rating of “Hold” and an average price target of $19.36.

Insider Buying and Selling at Canadian Solar

In other news, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 21.50% of the company’s stock.

Canadian Solar Stock Down 0.3%

Shares of NASDAQ:CSIQ opened at $14.74 on Wednesday. The stock’s 50-day moving average is $15.25 and its 200 day moving average is $16.36. The company has a market cap of $1.00 billion, a PE ratio of -5.85 and a beta of 1.52. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. Canadian Solar Inc. has a 1 year low of $9.41 and a 1 year high of $34.59.

Canadian Solar Company Profile

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.