Hsbc Holdings PLC Has $5.22 Million Stock Holdings in Canadian Solar Inc. $CSIQ

Hsbc Holdings PLC increased its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 170.5% in the second quarter, Holdings Channel.com reports. The firm owned 325,847 shares of the solar energy provider’s stock after purchasing an additional 205,397 shares during the quarter. Hsbc Holdings PLC’s holdings in Canadian Solar were worth $5,220,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. bought a new position in Canadian Solar in the second quarter valued at approximately $25,000. Raymond James Financial Inc. bought a new stake in shares of Canadian Solar during the second quarter worth $33,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the period. Optiver Holding B.V. acquired a new stake in shares of Canadian Solar during the first quarter worth $44,000. Finally, Quarry LP bought a new stake in Canadian Solar in the 4th quarter valued at $54,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Roth Capital set a $15.00 target price on shares of Canadian Solar in a research note on Friday, August 28th. Glj Research reissued a “sell” rating and issued a $5.58 price target on shares of Canadian Solar in a research note on Thursday, August 27th. Mizuho cut their price target on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating on the stock in a report on Friday, August 28th. Wall Street Zen cut Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 29th. Finally, Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $17.75.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ opened at $13.46 on Thursday. The stock has a 50 day moving average price of $14.60 and a 200 day moving average price of $15.67. Canadian Solar Inc. has a 52 week low of $10.56 and a 52 week high of $34.59. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.78 and a current ratio of 1.02. The stock has a market capitalization of $913.93 million, a PE ratio of -3.51 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($1.22). Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%.The company had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the firm earned ($0.53) EPS. The firm’s revenue for the quarter was down 28.7% compared to the same quarter last year. Analysts predict that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

About Canadian Solar

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.