Wilmington Savings Fund Society FSB Sells 11,900 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Wilmington Savings Fund Society FSB trimmed its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 70.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,050 shares of the solar energy provider’s stock after selling 11,900 shares during the period. Wilmington Savings Fund Society FSB’s holdings in Canadian Solar were worth $85,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CSIQ. Mackenzie Financial Corp increased its holdings in shares of Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after buying an additional 1,037,800 shares during the last quarter. State Street Corp lifted its stake in Canadian Solar by 5.6% during the third quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after purchasing an additional 25,901 shares during the last quarter. Cerity Partners LLC lifted its position in Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after buying an additional 243,542 shares during the last quarter. SIR Capital Management L.P. bought a new stake in Canadian Solar in the 2nd quarter worth approximately $3,994,000. Finally, Foundry Partners LLC purchased a new stake in Canadian Solar in the second quarter worth approximately $3,667,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ opened at $11.50 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. Canadian Solar Inc. has a 12-month low of $10.60 and a 12-month high of $26.85. The firm has a market capitalization of $760.83 million, a price-to-earnings ratio of -95.83, a price-to-earnings-growth ratio of 8.89 and a beta of 1.29. The firm has a 50 day moving average of $12.66 and a 200 day moving average of $14.31.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the business earned $0.32 earnings per share. Canadian Solar’s quarterly revenue was down 18.4% compared to the same quarter last year. On average, research analysts anticipate that Canadian Solar Inc. will post 0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CSIQ. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their price objective for the company from $14.00 to $11.00 in a research note on Tuesday. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday. Wells Fargo & Company reduced their price objective on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 5th. Roth Mkm lowered their target price on Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 26th. Finally, Jefferies Financial Group began coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price target on the stock. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $18.58.

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.