Is Canadian Solar Inc. (CSIQ) A Good Stock To Buy?

Judging by the fact that Canadian Solar Inc. (NASDAQ:CSIQ) has encountered bearish sentiment from hedge fund managers, it’s safe to say that there exists a select few funds that decided to sell off their full holdings by the end of the third quarter. Intriguingly, Jonathan Barrett and Paul Segal’s Luminus Management dropped the largest position of the “upper crust” of funds tracked by Insider Monkey, worth about $2.5 million in stock. Ken Griffin’s fund, Citadel Investment Group, also dumped its call options, about $2 million worth, while retaining its aforementioned long position.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Canadian Solar Inc. (NASDAQ:CSIQ) but similarly valued. These stocks are CorVel Corporation (NASDAQ:CRVL), Rush Enterprises, Inc. (NASDAQ:RUSHB), Chatham Lodging Trust (NYSE:CLDT), and Hannon Armstrong Sustnbl Infrstr Cap Inc (NYSE:HASI). This group of stocks’ market caps are similar to CSIQ’s market cap.

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $63 million. That figure was $76 million in CSIQ’s case. CorVel Corporation (NASDAQ:CRVL) is the most popular stock in this table. On the other hand Rush Enterprises, Inc. (NASDAQ:RUSHB) is the least popular one with only 4 bullish hedge fund positions. Compared to these stocks Canadian Solar Inc. (NASDAQ:CSIQ) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None