Short Interest in Canadian Solar Inc. (NASDAQ:CSIQ) Increases By 24.7%

Canadian Solar Inc. (NASDAQ:CSIQ) saw a large growth in short interest in the month of January. As of January 15th, there was short interest totaling 13,337,676 shares, a growth of 24.7% from the December 31st total of 10,693,752 shares. Based on an average daily trading volume, of 5,645,377 shares, the short-interest ratio is currently 2.4 days. Approximately 25.4% of the company’s stock are short sold. Approximately 25.4% of the company’s stock are short sold. Based on an average daily trading volume, of 5,645,377 shares, the short-interest ratio is currently 2.4 days.

Canadian Solar Price Performance

Canadian Solar stock traded up $0.91 during midday trading on Tuesday, hitting $20.04. 1,969,807 shares of the company’s stock were exchanged, compared to its average volume of 3,928,810. The company has a market cap of $1.34 billion, a P/E ratio of -55.67 and a beta of 1.28. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The stock has a 50-day moving average price of $23.10 and a two-hundred day moving average price of $18.11. Canadian Solar has a 52-week low of $6.57 and a 52-week high of $34.59.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.08) by $0.50. Canadian Solar had a negative return on equity of 5.28% and a net margin of 0.27%.The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the company posted ($0.31) EPS. Canadian Solar’s quarterly revenue was down 1.3% compared to the same quarter last year. On average, equities research analysts forecast that Canadian Solar will post -0.23 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on CSIQ. Daiwa Capital Markets upgraded Canadian Solar from a “neutral” rating to an “outperform” rating and set a $30.00 target price for the company in a research note on Tuesday, December 2nd. Mizuho restated an “underperform” rating and issued a $21.00 price objective (up previously from $15.00) on shares of Canadian Solar in a research note on Wednesday, November 19th. UBS Group upped their target price on shares of Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Roth Mkm lifted their price objective on Canadian Solar from $11.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, November 17th. Finally, The Goldman Sachs Group boosted their price target on Canadian Solar from $9.00 to $10.00 and gave the company a “sell” rating in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $19.85.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of CSIQ. Polunin Capital Partners Ltd purchased a new position in shares of Canadian Solar in the 4th quarter worth about $43,692,000. Two Sigma Investments LP bought a new stake in shares of Canadian Solar during the third quarter valued at approximately $11,544,000. Mackenzie Financial Corp lifted its position in Canadian Solar by 7.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after acquiring an additional 405,800 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Canadian Solar by 206.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after purchasing an additional 385,355 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in shares of Canadian Solar during the third quarter valued at $5,008,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

About Canadian Solar

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.