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

Canadian Solar Inc. (NASDAQ:CSIQ) saw a large decline in short interest in the month of February. As of February 28th, there was short interest totalling 10,540,000 shares, a decline 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 company’s shares are sold short.

Canadian Solar Stock Up 7.7 %

NASDAQ:CSIQ opened at $10.53 on Thursday. The firm has a market capitalization of $696.65 million, a P/E ratio of -87.75, a PEG ratio of 0.74 and a beta of 1.34. Canadian Solar has a 1-year low of $9.19 and a 1-year high of $21.05. The company’s fifty day moving average price is $10.53 and its 200-day moving average price is $12.17. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85.

Institutional Trading of Canadian Solar

Hedge funds have recently added to or reduced their stakes in the company. USCF Advisers LLC boosted its holdings in Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after buying an additional 1,000 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Canadian Solar by 184.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,166 shares of the solar energy provider’s stock valued at $57,000 after purchasing an additional 3,347 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after purchasing an additional 1,500 shares in the last quarter. Sciencast Management LP purchased a new position in Canadian Solar during the fourth quarter valued at $113,000. Finally, Miracle Mile Advisors LLC purchased a new position in Canadian Solar during the fourth quarter valued at $133,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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