Canadian Solar Inc. (NASDAQ:CSIQ) Short Interest Down 11.6% in July

Canadian Solar Inc. (NASDAQ:CSIQ) was the target of a significant drop in short interest in July. As of July 31st, there was short interest totalling 5,790,000 shares, a drop of 11.6% from the July 15th total of 6,550,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the days-to-cover ratio is currently 3.4 days. Approximately 12.2% of the company’s stock are short sold.

Institutional Trading of Canadian Solar

Large investors have recently bought and sold shares of the business. USCF Advisers LLC lifted its holdings in shares of Canadian Solar by 87.5% in the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock worth $39,000 after acquiring an additional 700 shares during the last quarter. Quarry LP bought a new position in Canadian Solar in the 2nd quarter valued at approximately $31,000. Daiwa Securities Group Inc. boosted its position in Canadian Solar by 72.1% in the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock valued at $146,000 after buying an additional 3,100 shares in the last quarter. Private Advisor Group LLC bought a new stake in shares of Canadian Solar during the fourth quarter worth $201,000. Finally, Capstone Investment Advisors LLC bought a new stake in shares of Canadian Solar during the fourth quarter worth $359,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Price Performance

CSIQ stock traded up $0.11 during mid-day trading on Monday, hitting $14.86. The stock had a trading volume of 846,014 shares, compared to its average volume of 1,517,769. The firm has a fifty day simple moving average of $15.68 and a 200 day simple moving average of $17.67. Canadian Solar has a 52 week low of $13.04 and a 52 week high of $31.21. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $983.12 million, a P/E ratio of 5.16, a P/E/G ratio of 0.30 and a beta of 1.29.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Glj Research increased their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research note on Tuesday, July 30th. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. UBS Group reduced their target price on Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, June 12th. JPMorgan Chase & Co. increased their price target on Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Tuesday, July 16th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $25.00 price objective on shares of Canadian Solar in a research report on Wednesday, May 22nd. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $27.03.

Canadian Solar Company Profile

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.