133,846 Shares in Canadian Solar Inc. $CSIQ Purchased by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co acquired a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 133,846 shares of the solar energy provider’s stock, valued at approximately $15,967,000. Varma Mutual Pension Insurance Co owned 0.20% of Canadian Solar as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $33,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Canadian Solar by 335.1% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after buying an additional 2,463 shares in the last quarter. Optiver Holding B.V. acquired a new position in Canadian Solar during the first quarter worth $44,000. China Universal Asset Management Co. Ltd. purchased a new position in Canadian Solar in the fourth quarter worth $48,000. Finally, Quarry LP purchased a new position in Canadian Solar in the fourth quarter worth $54,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Stock Down 1.2%

Canadian Solar stock opened at $14.55 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The firm has a market capitalization of $987.95 million, a price-to-earnings ratio of -5.77 and a beta of 1.52. Canadian Solar Inc. has a fifty-two week low of $9.41 and a fifty-two week high of $34.59. The stock’s fifty day moving average is $15.20 and its two-hundred day moving average is $16.29.

Insider Buying and Selling

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 21.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CSIQ. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Mizuho increased their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $11.00 to $18.00 in a report on Wednesday, July 22nd. Finally, Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Canadian Solar currently has a consensus rating of “Hold” and a consensus price target of $19.36.

Canadian Solar Profile

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.