Investing

Unusual Call Option Trade in Canadian Solar Worth $450.12K

George Maybach

Published: May 31, 2023 3:26 am

Last Updated: May 31, 2023 12:32 pm

On May 30, 2023 at 09:42:37 ET an unusually large $450.12K block of Call contracts in Canadian Solar (CSIQ) was bought, with a strike price of $44.00 / share, expiring in 143 day(s) (on October 20, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.03 sigmas above the mean, placing it in the 73.55th percentile of all recent large trades made in CSIQ options.

This trade was first picked up on Fintel’s real time Options Flow tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 250 funds or institutions reporting positions in Canadian Solar. This is an increase of 18 owner(s) or 7.76% in the last quarter. Average portfolio weight of all funds dedicated to CSIQ is 0.29%, an increase of 28.13%. Total shares owned by institutions increased in the last three months by 4.32% to 34,657K shares. The put/call ratio of CSIQ is 0.93, indicating a bullish outlook.

Analyst Price Forecast Suggests 8.31% Upside

As of May 11, 2023, the average one-year price target for Canadian Solar is 47.18. The forecasts range from a low of 18.57 to a high of $65.10. The average price target represents an increase of 8.31% from its latest reported closing price of 43.56.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Canadian Solar is 10,166MM, an increase of 28.37%. The projected annual non-GAAP EPS is 4.45.

What are Other Shareholders Doing?

Grantham, Mayo, Van Otterloo & Co. holds 2,924K shares representing 4.52% ownership of the company. In it’s prior filing, the firm reported owning 2,923K shares, representing an increase of 0.02%. The firm increased its portfolio allocation in CSIQ by 23.04% over the last quarter.

Invesco holds 2,085K shares representing 3.23% ownership of the company. In it’s prior filing, the firm reported owning 2,286K shares, representing a decrease of 9.66%. The firm decreased its portfolio allocation in CSIQ by 89.64% over the last quarter.

Mackenzie Financial holds 2,065K shares representing 3.19% ownership of the company. In it’s prior filing, the firm reported owning 2,028K shares, representing an increase of 1.80%. The firm increased its portfolio allocation in CSIQ by 14.01% over the last quarter.

Handelsbanken Fonder AB holds 1,870K shares representing 2.89% ownership of the company. In it’s prior filing, the firm reported owning 2,088K shares, representing a decrease of 11.63%. The firm increased its portfolio allocation in CSIQ by 6.26% over the last quarter.

TAN – Invesco Solar ETF holds 1,633K shares representing 2.53% ownership of the company. In it’s prior filing, the firm reported owning 1,810K shares, representing a decrease of 10.84%. The firm increased its portfolio allocation in CSIQ by 22.86% over the last quarter.

Canadian Solar Background Information
(This description is provided by the company.)

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 52 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.7 GWp in over 20 countries across the world. Currently, the Company has around 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 15 GWp of projects in pipeline (mid- to early- stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006.

This article originally appeared on Fintel