Canadian Solar Inc. (NASDAQ:CSIQ) Sees Significant Increase in Short Interest

Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 2,860,700 shares, an increase of 8.4% from the May 15th total of 2,638,100 shares. Currently, 6.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 795,600 shares, the short-interest ratio is presently 3.6 days.

A number of large investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP lifted its stake in Canadian Solar by 1.3% in the fourth quarter. First Trust Advisors LP now owns 54,950 shares of the solar energy provider’s stock worth $788,000 after acquiring an additional 716 shares during the period. Financial Gravity Wealth Inc. purchased a new stake in Canadian Solar in the first quarter worth about $26,000. Northern Trust Corp lifted its stake in Canadian Solar by 1.8% in the fourth quarter. Northern Trust Corp now owns 92,311 shares of the solar energy provider’s stock worth $1,324,000 after acquiring an additional 1,596 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Canadian Solar by 12.4% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 25,608 shares of the solar energy provider’s stock worth $367,000 after acquiring an additional 2,833 shares during the period. Finally, California Public Employees Retirement System raised its holdings in Canadian Solar by 1.7% in the first quarter. California Public Employees Retirement System now owns 194,758 shares of the solar energy provider’s stock worth $3,628,000 after purchasing an additional 3,179 shares in the last quarter. 40.69% of the stock is owned by institutional investors.

NASDAQ CSIQ traded up $0.21 on Friday, hitting $20.94. 407,144 shares of the stock were exchanged, compared to its average volume of 579,437. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 6.38, a P/E/G ratio of 0.27 and a beta of 2.28. Canadian Solar has a 52-week low of $12.30 and a 52-week high of $25.89. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The business has a fifty day moving average price of $21.35.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, May 30th. The solar energy provider reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.44) by $0.15. The firm had revenue of $484.70 million during the quarter, compared to analyst estimates of $468.25 million. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The business’s revenue was down 46.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 earnings per share. On average, research analysts forecast that Canadian Solar will post 2.45 earnings per share for the current year.

CSIQ has been the topic of several recent analyst reports. JPMorgan Chase & Co. set a $44.00 price objective on shares of Charles Schwab and gave the company a “buy” rating in a research report on Friday, June 21st. Zacks Investment Research upgraded shares of Hanmi Financial from a “sell” rating to a “hold” rating in a research report on Thursday, June 20th. BidaskClub cut shares of Xencor from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 11th. Finally, ValuEngine cut shares of Willdan Group from a “buy” rating to a “hold” rating in a research report on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $22.50.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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