Canadian Solar Inc. (NASDAQ:CSIQ) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 2,924,754 shares, an increase of 134.4% from the May 31st total of 1,247,598 shares. Approximately 6.5% of the shares of the company are short sold. Based on an average daily trading volume, of 2,417,600 shares, the short-interest ratio is currently 1.2 days.
Shares of Canadian Solar opened at $11.92 on Thursday, Marketbeat Ratings reports. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 0.29. Canadian Solar has a one year low of $11.37 and a one year high of $19.09. The firm has a market capitalization of $704.74 million, a price-to-earnings ratio of 11.46, a PEG ratio of 0.24 and a beta of 2.46.
Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Wednesday, May 16th. The solar energy provider reported $0.72 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.34. Canadian Solar had a net margin of 3.78% and a return on equity of 10.51%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period last year, the firm earned ($0.23) EPS. The business’s quarterly revenue was up 110.5% compared to the same quarter last year. equities analysts expect that Canadian Solar will post 1.97 earnings per share for the current fiscal year.
Several research analysts recently commented on CSIQ shares. Zacks Investment Research raised shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Tuesday, May 15th. ValuEngine downgraded shares of Canadian Solar from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd. B. Riley set a $18.00 price objective on shares of Canadian Solar and gave the stock a “hold” rating in a report on Thursday, May 17th. BidaskClub raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, May 17th. Finally, JPMorgan Chase & Co. raised shares of Canadian Solar from an “underweight” rating to a “neutral” rating and cut their price objective for the stock from $17.00 to $15.00 in a report on Thursday, June 7th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Canadian Solar has an average rating of “Hold” and an average target price of $17.67.
Large investors have recently made changes to their positions in the business. Millennium Management LLC boosted its holdings in Canadian Solar by 4,641.5% in the 4th quarter. Millennium Management LLC now owns 1,141,385 shares of the solar energy provider’s stock valued at $19,244,000 after purchasing an additional 1,117,313 shares during the period. Deutsche Bank AG boosted its holdings in Canadian Solar by 17.1% in the 4th quarter. Deutsche Bank AG now owns 339,155 shares of the solar energy provider’s stock valued at $5,717,000 after purchasing an additional 49,440 shares during the period. Calamos Advisors LLC boosted its holdings in Canadian Solar by 21.3% in the 4th quarter. Calamos Advisors LLC now owns 495,000 shares of the solar energy provider’s stock valued at $8,346,000 after purchasing an additional 86,927 shares during the period. KBC Group NV boosted its holdings in Canadian Solar by 411.7% in the 1st quarter. KBC Group NV now owns 59,433 shares of the solar energy provider’s stock valued at $967,000 after purchasing an additional 47,819 shares during the period. Finally, Quinn Opportunity Partners LLC bought a new position in Canadian Solar in the 4th quarter valued at $354,000. 39.07% of the stock is owned by hedge funds and other institutional investors.
Canadian Solar Company Profile
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.
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