Short Interest in Canadian Solar Inc. (NASDAQ:CSIQ) Drops By 17.0%

Canadian Solar Inc. (NASDAQ:CSIQ) was the recipient of a significant drop in short interest in February. As of February 28th, there was short interest totalling 10,540,000 shares, a drop of 17.0% from the February 13th total of 12,700,000 shares. Based on an average daily trading volume, of 1,760,000 shares, the short-interest ratio is currently 6.0 days. Currently, 22.4% of the shares of the stock are sold short.

Canadian Solar Stock Up 7.7 %

Shares of NASDAQ:CSIQ opened at $10.53 on Thursday. The firm has a 50 day simple moving average of $10.53 and a 200-day simple moving average of $12.17. The company has a market capitalization of $696.65 million, a PE ratio of -87.75, a P/E/G ratio of 0.74 and a beta of 1.34. Canadian Solar has a twelve month low of $9.19 and a twelve month high of $21.05. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Hedge Funds Weigh In On Canadian Solar

Institutional investors have recently modified their holdings of the business. USCF Advisers LLC increased its holdings in shares of Canadian Solar by 66.7% in the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock valued at $28,000 after acquiring an additional 1,000 shares during the period. Wells Fargo & Company MN increased its stake in Canadian Solar by 184.0% in the 4th quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after buying an additional 3,347 shares during the period. Sciencast Management LP acquired a new position in Canadian Solar in the 4th quarter valued at $113,000. Miracle Mile Advisors LLC acquired a new position in Canadian Solar in the 4th quarter valued at $133,000. Finally, Daiwa Securities Group Inc. increased its stake in 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 buying an additional 1,500 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CSIQ shares. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Wells Fargo & Company cut their price objective on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. The Goldman Sachs Group cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Mizuho started coverage on shares of Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on shares of Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective for the company. Five investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.04.

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.