Canadian Solar Inc. (NASDAQ:CSIQ) Short Interest Down 13.4% in May

Canadian Solar Inc. (NASDAQ:CSIQ) was the target of a significant decrease in short interest in May. As of May 31st, there was short interest totalling 6,680,000 shares, a decrease of 13.4% from the May 15th total of 7,710,000 shares. Based on an average trading volume of 1,860,000 shares, the days-to-cover ratio is currently 3.6 days. Currently, 14.3% of the company’s stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. USCF Advisers LLC grew its stake in Canadian Solar by 87.5% in the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock valued at $39,000 after purchasing an additional 700 shares during the last quarter. Green Alpha Advisors LLC raised its position in Canadian Solar by 1.9% during the 1st quarter. Green Alpha Advisors LLC now owns 41,136 shares of the solar energy provider’s stock worth $813,000 after buying an additional 766 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in shares of Canadian Solar by 8.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock valued at $326,000 after acquiring an additional 928 shares during the last quarter. Scotia Capital Inc. raised its holdings in shares of Canadian Solar by 3.0% during the fourth quarter. Scotia Capital Inc. now owns 39,400 shares of the solar energy provider’s stock worth $1,033,000 after purchasing an additional 1,130 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its position in Canadian Solar by 9.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after purchasing an additional 1,283 shares during the period. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CSIQ has been the subject of several analyst reports. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Citigroup reduced their price objective on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Roth Mkm restated a “buy” rating and issued a $25.00 target price on shares of Canadian Solar in a research note on Wednesday, May 22nd. Wells Fargo & Company dropped their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. Finally, Daiwa Capital Markets started coverage on shares of Canadian Solar in a research report on Monday, March 11th. They set a “neutral” rating and a $21.00 price target for the company. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $28.89.

Canadian Solar Stock Performance

Canadian Solar stock traded down $1.03 during trading on Friday, reaching $17.04. The company had a trading volume of 1,017,276 shares, compared to its average volume of 1,650,574. The firm’s 50-day simple moving average is $16.98 and its 200 day simple moving average is $20.22. Canadian Solar has a 52 week low of $14.11 and a 52 week high of $41.51. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 5.92, a price-to-earnings-growth ratio of 0.33 and a beta of 1.35.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.35 billion. During the same period in the previous year, the firm earned $1.19 EPS. The business’s quarterly revenue was down 21.1% on a year-over-year basis. Sell-side analysts forecast that Canadian Solar will post 2.07 earnings per share for the current fiscal year.

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.