Miracle Mile Advisors LLC Makes New Investment in Canadian Solar Inc. (NASDAQ:CSIQ)

Miracle Mile Advisors LLC bought a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 12,000 shares of the solar energy provider’s stock, valued at approximately $133,000.

A number of other hedge funds also recently modified their holdings of CSIQ. Mackenzie Financial Corp lifted its position in Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after purchasing an additional 1,037,800 shares during the period. State Street Corp lifted its holdings in shares of Canadian Solar by 5.6% during the 3rd quarter. State Street Corp now owns 486,800 shares of the solar energy provider’s stock worth $8,159,000 after acquiring an additional 25,901 shares during the period. Cerity Partners LLC boosted its position in shares of Canadian Solar by 131.5% during the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after acquiring an additional 243,542 shares in the last quarter. KBC Group NV boosted its position in shares of Canadian Solar by 36.2% during the 3rd quarter. KBC Group NV now owns 142,402 shares of the solar energy provider’s stock worth $2,387,000 after acquiring an additional 37,850 shares in the last quarter. Finally, Barclays PLC increased its stake in Canadian Solar by 494.4% in the third quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after acquiring an additional 95,924 shares during the last quarter. Institutional investors own 52.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday. Wells Fargo & Company dropped their price objective on 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. Jefferies Financial Group started coverage on Canadian Solar in a research report on Friday, November 22nd. They issued a “buy” rating and a $14.15 target price on the stock. Mizuho initiated coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Finally, Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price target for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Canadian Solar currently has a consensus rating of “Hold” and an average price target of $18.31.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $11.05 on Friday. The firm has a market cap of $731.06 million, a PE ratio of -92.08, a price-to-earnings-growth ratio of 0.80 and a beta of 1.27. Canadian Solar Inc. has a 52 week low of $10.60 and a 52 week high of $25.43. The firm’s fifty day moving average is $11.94 and its 200-day moving average is $13.58. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, topping the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business’s quarterly revenue was down 18.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 EPS. Sell-side analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Canadian Solar Company Profile

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.