Prince Street Capital Management Exits Position in Canadian Solar (CSIQ)

Canadian Solar (CSIQ) : Prince Street Capital Management has sold out all of its stake in Canadian Solar during the most recent quarter, according to the disclosure filed by the company on Aug 15, 2016 with the SEC. The investment management company has sold out 376,900 shares of Canadian Solar which is valued at $4,865,779.

Other Hedge Funds, Including , Springbok Capital Management boosted its stake in CSIQ in the latest quarter, The investment management firm added 2,200 additional shares and now holds a total of 47,200 shares of Canadian Solar which is valued at $609,352. Canadian Solar makes up approx 0.10% of Springbok Capital Management’s portfolio.Peak6 Investments reduced its stake in CSIQ by selling 1,956 shares or 4.68% in the most recent quarter. The Hedge Fund company now holds 39,868 shares of CSIQ which is valued at $514,696. Canadian Solar makes up approx 0.03% of Peak6 Investments’s portfolio.Sg Americas Securities boosted its stake in CSIQ in the latest quarter, The investment management firm added 6,907 additional shares and now holds a total of 36,469 shares of Canadian Solar which is valued at $518,954.Oceanic Investment Management Ltd boosted its stake in CSIQ in the latest quarter, The investment management firm added 172,800 additional shares and now holds a total of 622,168 shares of Canadian Solar which is valued at $8,853,451. Canadian Solar makes up approx 4.45% of Oceanic Investment Management Ltd’s portfolio.Guinness Asset Management Ltd boosted its stake in CSIQ in the latest quarter, The investment management firm added 4,200 additional shares and now holds a total of 12,100 shares of Canadian Solar which is valued at $180,048. Canadian Solar makes up approx 0.05% of Guinness Asset Management Ltd’s portfolio.

Canadian Solar opened for trading at $12.95 and hit $13.18 on the upside on Thursday, eventually ending the session at $12.97, with a gain of 0.62% or 0.08 points. The heightened volatility saw the trading volume jump to 19,38,535 shares. Company has a market cap of $726 M.

On the company’s financial health, Canadian Solar reported $0.68 EPS for the quarter, beating the analyst consensus estimate by $ 0.29 according to the earnings call on Aug 18, 2016. Analyst had a consensus of $0.39. The company had revenue of $805.90 million for the quarter, compared to analysts expectations of $732.21 million. The company’s revenue was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.

Many Wall Street Analysts have commented on Canadian Solar. Shares were Downgraded by Barclays on Aug 24, 2016 to ” Equal Weight” and Lowered the Price Target to $ 14 from a previous price target of $24 .Shares were Reiterated by FBR Capital on Aug 19, 2016 to “Outperform” and Lowered the Price Target to $ 23 from a previous price target of $32 .Shares were Downgraded by Morgan Stanley on Aug 3, 2016 to ” Underweight” and Lowered the Price Target to $ 12.80 from a previous price target of $24 .

Canadian Solar Inc. is a solar power company which designs develops and manufactures solar wafers solar cells and solar power products. The Company’s solar power products include standard solar modules and specialty solar products. It has two segments: module segment and energy segment. The Company’s module segment primarily involves design development manufacture and sales of solar power products and solar system kits. The Company’s energy segment involves solar power project development engineering procurement and construction services operations and maintenance services and electricity revenue generation. Its products include a range of solar modules for use in residential commercial and industrial solar power generation systems. Its specialty solar products consist of solar modules that the customers incorporate into their own products and complete specialty products such as portable solar home systems. The Company sells its products under Canadian Solar brand name.

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