Guinness Asset Management LTD Sells 180,606 Shares of Canadian Solar Inc. $CSIQ
Guinness Asset Management LTD decreased its holdings in Canadian Solar Inc. (NASDAQ:CSIQ — Free Report) by 31.5% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 393,116 shares of the solar energy provider’s stock after selling 180,606 shares during the period. Guinness Asset Management LTD owned approximately 0.59% of Canadian Solar worth $4,345,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in CSIQ. Hennessy Advisors Inc. purchased a new position in Canadian Solar in the 2nd quarter worth $143,000. Counterpoint Mutual Funds LLC bought a new position in shares of Canadian Solar during the second quarter valued at about $382,000. Byrne Asset Management LLC bought a new position in shares of Canadian Solar during the second quarter valued at about $448,000. Goldman Sachs Group Inc. increased its holdings in shares of Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock worth $4,748,000 after buying an additional 92,002 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Canadian Solar by 11.3% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 21,874 shares of the solar energy provider’s stock valued at $189,000 after acquiring an additional 2,217 shares during the last quarter. Institutional investors own 52.36% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the company. Weiss Ratings restated a “sell (d)” rating on shares of Canadian Solar in a research report on Friday. Citigroup reiterated a “sell” rating and issued a $11.00 price objective on shares of Canadian Solar in a research report on Tuesday, October 21st. Zacks Research upgraded shares of Canadian Solar from a “strong sell” rating to a “hold” rating in a report on Friday, September 19th. Wall Street Zen raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Friday, September 26th. Finally, The Goldman Sachs Group upped their price target on shares of Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $11.89.
Read Our Latest Report on Canadian Solar
Canadian Solar Stock Performance
Shares of CSIQ stock opened at $15.00 on Monday. The stock has a fifty day moving average of $12.69 and a 200 day moving average of $11.43. Canadian Solar Inc. has a 52 week low of $6.57 and a 52 week high of $17.07. The firm has a market capitalization of $1.00 billion, a price-to-earnings ratio of -25.00 and a beta of 1.28. The company has a quick ratio of 0.87, a current ratio of 1.09 and a debt-to-equity ratio of 0.98.
Canadian Solar (NASDAQ:CSIQ — Get Free Report) last issued its quarterly earnings data on Thursday, August 21st. The solar energy provider reported ($0.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($1.29). Canadian Solar had a negative net margin of 0.12% and a negative return on equity of 4.97%. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.90 billion. During the same period in the previous year, the firm posted $0.02 earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. Canadian Solar has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.
Canadian Solar 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.
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