Canadian Solar Inc. (NASDAQ:CSIQ) Short Interest Update

Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of a significant decline in short interest during the month of July. As of July 31st, there was short interest totalling 5,790,000 shares, a decline of 11.6% from the July 15th total of 6,550,000 shares. Based on an average daily trading volume, of 1,680,000 shares, the days-to-cover ratio is currently 3.4 days. Approximately 12.2% of the shares of the stock are sold short.

Analyst Ratings Changes

A number of research firms have weighed in on CSIQ. JPMorgan Chase & Co. boosted their target price on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 16th. Roth Mkm reiterated a “buy” rating and set a $25.00 price target on shares of Canadian Solar in a report on Wednesday, May 22nd. UBS Group cut their price target on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, June 12th. Glj Research lifted their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. Finally, StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Canadian Solar has an average rating of “Hold” and a consensus target price of $27.03.

Hedge Funds Weigh In On Canadian Solar

Hedge funds and other institutional investors have recently bought and sold shares of the company. USCF Advisers LLC raised its holdings in shares of Canadian Solar by 87.5% during 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 period. Green Alpha Advisors LLC raised its holdings in shares of Canadian Solar by 1.9% during the first quarter. Green Alpha Advisors LLC now owns 41,136 shares of the solar energy provider’s stock valued at $813,000 after purchasing an additional 766 shares during the period. 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 valued at $1,033,000 after purchasing an additional 1,130 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after purchasing an additional 1,283 shares during the period. Finally, American Century Companies Inc. raised its holdings in shares of Canadian Solar by 8.0% during the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after purchasing an additional 1,383 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Trading Up 0.7 %

CSIQ stock traded up $0.11 during midday trading on Monday, hitting $14.86. The stock had a trading volume of 846,014 shares, compared to its average volume of 1,517,769. The firm has a market cap of $983.12 million, a P/E ratio of 5.16, a price-to-earnings-growth ratio of 0.30 and a beta of 1.29. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.53. Canadian Solar has a 1-year low of $13.04 and a 1-year high of $31.21. The business has a fifty day moving average price of $15.68 and a two-hundred day moving average price of $17.67.

About Canadian Solar

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.