IvyRock Asset Management HK Ltd Makes New $15.44 Million Investment in Canadian Solar Inc. (NASDAQ:CSIQ)

IvyRock Asset Management HK Ltd purchased a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,388,500 shares of the solar energy provider’s stock, valued at approximately $15,440,000. Canadian Solar accounts for 6.8% of IvyRock Asset Management HK Ltd’s investment portfolio, making the stock its 5th largest position. IvyRock Asset Management HK Ltd owned 2.10% of Canadian Solar at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Prospera Financial Services Inc bought a new stake in shares of Canadian Solar in the 3rd quarter valued at about $333,000. Charles Schwab Investment Management Inc. lifted its holdings in Canadian Solar by 101.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after buying an additional 57,246 shares during the period. Cerity Partners LLC lifted its holdings in Canadian Solar by 131.5% during the third quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after buying an additional 243,542 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Canadian Solar by 20.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after acquiring an additional 1,500 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of Canadian Solar in the 3rd quarter worth $1,109,000. Institutional investors own 52.36% of the company’s stock.

Wall Street Analyst Weigh In

CSIQ has been the topic of a number of analyst reports. Wells Fargo & Company cut their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Mizuho started coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. Finally, StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Five equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Canadian Solar presently has an average rating of “Hold” and an average price target of $18.04.

Canadian Solar Trading Down 2.6 %

Shares of CSIQ stock opened at $9.70 on Tuesday. The firm has a market cap of $641.74 million, a PE ratio of -80.83, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. Canadian Solar Inc. has a 1-year low of $9.19 and a 1-year high of $21.05. The company has a 50-day moving average of $10.39 and a two-hundred day moving average of $12.11.

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.