10 Worst ADR Stocks To Buy According to Short Sellers

5. Canadian Solar (NASDAQ:CSIQ)  

Short Interest as % of Shares Outstanding: 16.56%

Number of Hedge Fund Investors in Q2 2024: 10

Canadian Solar (NASDAQ:CSIQ) is one of the world’s largest solar technology and renewable energy company in the world. The company designs, manufactures, and sells solar photovoltaic modules and offers solar energy and battery storage solutions. Canadian Solar (NASDAQ:CSIQ) operates two primary business segments: CSI Solar, which focuses on manufacturing solar products, and Recurrent Energy, a global developer of solar and storage assets. The company has built a strong presence in North America, Europe, and Asia, and has a robust project pipeline in solar and energy storage.

According to a report by Markets and Markets, the global battery energy storage market size is valued at $7.8 billion in 2024 and is projected to reach $25.6 billion by 2029, at a CAGR of 26.9%. Canadian Solar (NASDAQ:CSIQ) has made significant advancements in the energy storage sector and offers integrated storage solutions that combine its solar modules with battery storage technologies, enabling more efficient energy use.

Canadian Solar’s (NASDAQ:CSIQ) energy storage segment has seen impressive growth, driven by rising demand for energy storage solutions worldwide as more utilities, businesses, and governments look for ways to manage renewable energy more effectively. The company’s energy storage business has developed a strong pipeline of projects across the globe, with several key installations already operational and more in the pipeline. As of Q2, the company has a contracted pipeline of over 31 GWh for storage projects.

While 16.56% of the company’s shares are shorted, 10 hedge funds have maintained a bullish sentiment on the stock as of the second quarter with stakes worth $48.12 million. Adage Capital Management is the largest shareholder in the company, holding $55.37 worth of stock as of June 30. Industry analysts maintain a consensus Buy rating, with an average price target of $20.33, representing a 32.6% upside potential from its current levels.