Persistent Asset Partners Ltd Invests $851,000 in Canadian Solar Inc. $CSIQ

Persistent Asset Partners Ltd acquired a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 53,113 shares of the solar energy provider’s stock, valued at approximately $851,000. Persistent Asset Partners Ltd owned about 0.08% of Canadian Solar as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CSIQ. Global Retirement Partners LLC purchased a new position in Canadian Solar in the second quarter valued at approximately $96,000. Kelleher Financial Advisors purchased a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $186,000. Bridgewater Advisors Inc. acquired a new position in shares of Canadian Solar in the 2nd quarter valued at $213,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Canadian Solar in the 4th quarter valued at $48,000. Finally, OneDigital Investment Advisors LLC purchased a new position in shares of Canadian Solar in the 2nd quarter valued at $241,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Insider Activity at Canadian Solar

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. The disclosure for this sale is available in the SEC filing. 21.50% of the stock is owned by corporate insiders.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $15.14 on Monday. The stock has a market cap of $1.03 billion, a P/E ratio of -6.01 and a beta of 1.52. The firm has a fifty day moving average price of $15.33 and a 200 day moving average price of $16.46. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. Canadian Solar Inc. has a 1-year low of $9.41 and a 1-year high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. During the same period in the previous year, the business posted ($1.07) earnings per share. Canadian Solar’s quarterly revenue was down 9.9% on a year-over-year basis. Sell-side analysts predict that Canadian Solar Inc. will post -1.81 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Mizuho lifted their target price on Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th. Citigroup raised Canadian Solar from a “sell” rating to a “neutral” rating and boosted their target price for the company from $11.00 to $18.00 in a report on Wednesday, July 22nd. Finally, Freedom Capital cut Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $19.36.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.