Grantham, Mayo, Van Otterloo & Co recently announced the acquisition of new stake in Canadian Solar Inc (NASDAQ:CSIQ). The institutional investor has increased its shareholding in the Technology company by 137.89% to 3.76 million shares with purchase of 2.18 million shares. This fresh investment now brings its stake to 5.82% valued currently at $98.66 million. In addition, BlackRock Investment Management raised its holdings by 0.52 million to 3.58 million shares. And Mackenzie Financial Corp. has lifted its position by 23.39% or 0.59 million shares – to 3.11 million shares.
Currently, there are 64.51M common shares owned by the public and among those 50.88M shares have been available to trade.
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The top 3 mutual fund holders in Canadian Solar Inc are BlackRock Global Funds SICAV – Su, Mackenzie Greenchip Global Enviro, and Invesco Solar ETF. BlackRock Global Funds SICAV – Su owns 3.47 million shares of the company’s stock, all valued at over $90.96 million. Mackenzie Greenchip Global Enviro bought 0.27 million shares to see its total holdings expand to 2.85 million shares valued at over $74.86 million and representing 4.42% of the shares outstanding. Invesco Solar ETF sold 7118.0 shares to bring its total holdings to over 1.44 million shares at a value of $37.71 million. Invesco Solar ETF now owns shares totaling to 2.22% of the shares outstanding.
However, the script later moved the day high at 25.43, up 14.20%. The company’s stock has a 5-day price change of 10.99% and 16.25% over the past three months. CSIQ shares are trading -8.35% year to date (YTD), with the 12-month market performance down to -42.61% lower. It has a 12-month low price of $17.82 and touched a high of $45.29 over the same period. CSIQ has an average intraday trading volume of 1.26 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.28%, 6.47%, and -20.24% respectively.
Institutional ownership of Canadian Solar Inc (NASDAQ: CSIQ) shares accounts for 55.63% of the company’s 64.51M shares outstanding. Mutual fund holders own 16.44%, while other institutional holders and individual stakeholders account for 39.34% and — respectively.
It has a market capitalization of $1.55B and a beta (3y monthly) value of 1.29. The stock’s trailing 12-month PE ratio is 4.83, while the earnings-per-share (ttm) stands at $4.97. The company has a PEG of 0.19 and a Quick Ratio of 0.80 with the debt-to-equity ratio at 1.82. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.66% over the week and 4.47% over the month.
Analysts forecast that Canadian Solar Inc (CSIQ) will achieve an EPS of $0 for the current quarter, $0.47 for the next quarter and $3.47 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.47 while analysts give the company a high EPS estimate of $0.41. Comparatively, EPS for the current quarter was $1.11 a year ago. Earnings per share for the fiscal year are expected to increase by 12.79%, and -18.21% over the next financial year. EPS should grow at an annualized rate of 25.00% over the next five years, compared to 16.88% over the past 5-year period.
Looking at the support for the CSIQ, a number of firms have released research notes about the stock. Goldman stated their Neutral rating for the stock in a research note on December 18, 2023, with the firm’s price target at $25.
