Quantbot Technologies LP Acquires New Stake in Canadian Solar Inc. (NASDAQ:CSIQ)

Quantbot Technologies LP bought a new position in Canadian Solar Inc. (NASDAQ:CSIQ) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 66,197 shares of the solar energy provider’s stock, valued at approximately $1,109,000. Quantbot Technologies LP owned about 0.10% of Canadian Solar at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. American Century Companies Inc. raised its stake in Canadian Solar by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares during the period. Quarry LP purchased a new stake in shares of Canadian Solar during the 2nd quarter valued at approximately $31,000. Green Alpha Advisors LLC grew its stake in Canadian Solar by 8.8% in the 3rd quarter. Green Alpha Advisors LLC now owns 40,390 shares of the solar energy provider’s stock valued at $677,000 after buying an additional 3,282 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its stake in Canadian Solar by 27.6% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock valued at $257,000 after buying an additional 3,768 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CSIQ has been the subject of a number of analyst reports. Oppenheimer cut their price target on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. Citigroup cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. The Goldman Sachs Group reduced their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Roth Mkm lowered their target price on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Finally, Jefferies Financial Group started coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target for the company. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus price target of $19.94.

Canadian Solar Price Performance

Shares of Canadian Solar stock opened at $12.41 on Friday. The business’s 50-day moving average price is $13.60 and its 200-day moving average price is $14.86. The firm has a market capitalization of $821.05 million, a PE ratio of 24.33, a price-to-earnings-growth ratio of 2.26 and a beta of 1.34. Canadian Solar Inc. has a 12 month low of $10.91 and a 12 month 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.

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.