In a recent filing with the Securities and Exchange Commission (SEC), it was revealed that SG Americas Securities LLC has reduced its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 37%. The hedge fund now owns 15,063 shares of the solar energy provider’s stock, down from 23,927 shares held previously. As of the latest filing, the value of SG Americas’ holdings in Canadian Solar was worth $465,000.
Canadian Solar recently announced its earnings results for Q1 2021, reporting earnings per share (EPS) of $1.11. This surpassed analysts’ estimates of $0.48 EPS by an impressive $0.63. The company’s net margin for the quarter stood at 3.21%, while return on equity (ROE) was reported at 11.06%. Revenue for Q1 totaled $1.97 billion, compared to analyst expectations of $1.97 billion. In the same quarter last year, Canadian Solar earned just $0.17 EPS.
Despite these impressive earnings results, some investors have decided to trim their positions in Canadian Solar over the past quarter. SG Americas Securities LLC is not alone in this regard – other hedge funds have also made similar moves to reduce their holdings in CSIQ.
For investors who are still bullish on Canadian Solar’s prospects for growth and profitability going forward, HoldingsChannel.com provides an invaluable resource for monitoring insider trades and other pertinent information about CSIQ’s operations and performance metrics.
Equities research analysts currently predict that Canadian Solar will post 5.3 earnings per share for the current year – a forecast that may be adjusted based on future developments within the industry or shifts in market conditions affecting renewable energy providers like CSIQ.
Overall, despite some recent reductions in investor confidence reflected by a decrease in hedge fund positions, many experts remain bullish on Canadian Solar’s future potential as a leading player within the rapidly-growing solar energy market, providing opportunities for savvy investors to capitalize on this industry’s potential for long-term profitability and environmental impact.
Institutional Investors Take Notice of Canadian Solar Inc. as Company Expands its Global Reach
Investors are taking notice of Canadian Solar Inc. (NASDAQ:CSIQ) as a number of institutional investors have made changes to their positions in the company. Great West Life Assurance Co. Can raised its stake by 115.7%, while Toroso Investments LLC increased its stake by 24.2%. Credit Agricole S A and Daiwa Securities Group also bought new positions in the company, while McGowan Group Asset Management increased its position. As a result, 47.95% of the stock is now owned by institutional investors.
Shares of CSIQ opened at $35.86 on Friday, with a market cap of $2.30 billion and a P/E ratio of 10.42 and beta of 1.47. The company has a current ratio of 1.07, quick ratio of 0.78, and debt-to-equity ratio of 0.45.
Canadian Solar manufactures solar photovoltaic modules, provides solar energy and battery storage solutions, and develops utility-scale solar and battery storage products through the CSI Solar and Global Energy segments.
Several brokerages have commented on CSIQ recently, with Wells Fargo & Company lifting their price target to $46.00 and giving the stock an “equal weight” rating in February, while Citigroup lowered it to “neutral” with a target price decrease from $45 to $44 in March.
StockNews.com downgraded the stock from “buy” to “hold”, however The Goldman Sachs Group boosted their price objective from $33 to $36 in January.
According to Bloomberg’s consensus rating analysis, one analyst has rated the stock as “sell”, four as “hold” with one giving it a buy rating; whilst the average target share price currently sits at $42.
Overall, it seems that Canadian Solar’s solid financials are piquing investor interest as this innovative green energy producer expands its global reach beyond North America. The question remains though, how the firm will manage to keep growing and maintain profitability as it competes with a growing number of solar energy companies that are also seeking to reduce carbon emissions while improving financial performance.
