Bayesian Capital Management LP Buys Shares of 29,100 Canadian Solar Inc. (NASDAQ:CSIQ)

Bayesian Capital Management LP bought a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) during the first quarter, HoldingsChannel.com reports. The fund bought 29,100 shares of the solar energy provider’s stock, valued at approximately $575,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mackenzie Financial Corp increased its stake in shares of Canadian Solar by 27.1% during the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock valued at $103,661,000 after acquiring an additional 843,100 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Canadian Solar by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock valued at $48,343,000 after acquiring an additional 8,317 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of Canadian Solar by 15.7% during the 4th quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after acquiring an additional 213,959 shares during the last quarter. Robotti Robert increased its stake in shares of Canadian Solar by 92.5% during the 1st quarter. Robotti Robert now owns 315,476 shares of the solar energy provider’s stock valued at $6,234,000 after acquiring an additional 151,610 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of Canadian Solar by 30.9% during the 1st quarter. BNP Paribas Financial Markets now owns 198,646 shares of the solar energy provider’s stock valued at $3,925,000 after acquiring an additional 46,888 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CSIQ shares. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. Glj Research increased their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective 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. Roth Mkm reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Canadian Solar in a research report on Wednesday, May 22nd. Finally, UBS Group lowered their price objective on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, June 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Solar has an average rating of “Hold” and a consensus price target of $27.03.

Canadian Solar Stock Performance

CSIQ traded down $0.76 during trading hours on Tuesday, hitting $16.23. 943,224 shares of the stock were exchanged, compared to its average volume of 1,542,240. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 0.79. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 5.73, a price-to-earnings-growth ratio of 0.33 and a beta of 1.29. Canadian Solar Inc. has a 12 month low of $13.80 and a 12 month high of $37.39. The stock has a 50-day simple moving average of $16.85 and a 200-day simple moving average of $18.47.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.35 billion. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. The firm’s quarterly revenue was down 21.1% compared to the same quarter last year. During the same period last year, the business posted $1.19 earnings per share. Analysts anticipate that Canadian Solar Inc. will post 2.07 earnings per share 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.