Canadian Solar Inc. (NASDAQ:CSIQ) Short Interest Update

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. Currently, 12.2% of the company’s stock are sold short. Based on an average daily trading volume, of 1,680,000 shares, the days-to-cover ratio is presently 3.4 days.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Canadian Solar

A number of institutional investors have recently bought and sold shares of CSIQ. GSA Capital Partners LLP acquired a new stake in Canadian Solar during the 1st quarter worth about $989,000. Cerity Partners LLC acquired a new stake in Canadian Solar during the 4th quarter worth about $2,540,000. Schroder Investment Management Group boosted its position in 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 worth $41,330,000 after acquiring an additional 213,959 shares during the period. D. Scott Neal Inc. acquired a new stake in Canadian Solar during the 2nd quarter worth about $3,898,000. Finally, BNP Paribas Financial Markets boosted its position in 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 worth $3,925,000 after acquiring an additional 46,888 shares during the period. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Price Performance

NASDAQ:CSIQ traded up $0.11 during mid-day trading on Monday, reaching $14.86. 846,014 shares of the stock were exchanged, compared to its average volume of 1,517,769. The business has a fifty day moving average price of $15.68 and a 200 day moving average price of $17.67. The firm has a market capitalization of $983.12 million, a PE ratio of 5.16, a PEG ratio of 0.30 and a beta of 1.29. Canadian Solar has a 1-year low of $13.04 and a 1-year 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.

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.