Robotti Robert Acquires Shares of 400,100 Canadian Solar Inc. $CSIQ

Robotti Robert acquired a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 400,100 shares of the solar energy provider’s stock, valued at approximately $6,410,000. Canadian Solar accounts for about 1.0% of Robotti Robert’s holdings, making the stock its 25th biggest position.

A number of other hedge funds have also recently modified their holdings of the stock. Deutsche Bank AG acquired a new stake in Canadian Solar during the second quarter worth about $722,850,000. BlackRock Inc. acquired a new position in Canadian Solar in the second quarter valued at approximately $85,219,000. Two Sigma Investments LP purchased a new stake in Canadian Solar in the 3rd quarter worth approximately $11,544,000. Bank of America Corp DE boosted its position in Canadian Solar by 292.7% in the 1st quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider’s stock worth $14,840,000 after purchasing an additional 798,610 shares in the last quarter. Finally, Alberta Investment Management Corp acquired a new stake in shares of Canadian Solar during the 2nd quarter worth approximately $89,510,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CSIQ shares. Citigroup raised shares of Canadian Solar from a “sell” rating to a “neutral” rating and lifted their target price for the company from $11.00 to $18.00 in a report on Wednesday, July 22nd. Mizuho increased their price target on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, June 15th. 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. Finally, Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and a consensus price target of $19.36.

Canadian Solar Trading Down 0.3%

Shares of CSIQ stock opened at $14.74 on Wednesday. Canadian Solar Inc. has a 1-year low of $9.41 and a 1-year high of $34.59. The company has a market cap of $1.00 billion, a price-to-earnings ratio of -5.85 and a beta of 1.52. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The stock has a 50 day simple moving average of $15.25 and a 200-day simple moving average of $16.36.

Insider Buying and Selling

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 21.50% of the company’s stock.

Canadian Solar Company 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.