Canadian Solar Inc. $CSIQ Shares Purchased by Waterfront Wealth Inc.

Waterfront Wealth Inc. raised its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 129.8% during the first quarter, Holdings Channel.com reports. The firm owned 190,381 shares of the solar energy provider’s stock after buying an additional 107,545 shares during the period. Waterfront Wealth Inc.’s holdings in Canadian Solar were worth $2,637,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Polunin Capital Partners Ltd acquired a new position in Canadian Solar in the 4th quarter valued at $43,692,000. Two Sigma Investments LP acquired a new stake in Canadian Solar in the 3rd quarter worth about $11,544,000. JPMorgan Chase & Co. grew its holdings in Canadian Solar by 206.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock valued at $7,457,000 after buying an additional 385,355 shares during the period. Tudor Investment Corp ET AL purchased a new stake in Canadian Solar in the 3rd quarter valued at about $5,008,000. Finally, Deutsche Bank AG acquired a new position in shares of Canadian Solar during the 4th quarter valued at about $9,003,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

Canadian Solar stock opened at $14.99 on Friday. The firm has a fifty day moving average of $16.98 and a 200-day moving average of $17.86. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. Canadian Solar Inc. has a 52-week low of $9.41 and a 52-week high of $34.59. The firm has a market capitalization of $1.02 billion, a P/E ratio of -5.95 and a beta of 1.51.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, topping the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $950.43 million. During the same quarter in the prior year, the business earned ($1.07) earnings per share. The company’s revenue was down 9.9% compared to the same quarter last year. As a group, analysts predict that Canadian Solar Inc. will post -1.81 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Mizuho increased their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, June 15th. Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Oppenheimer cut their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, March 20th. Roth Capital decreased their price target on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Finally, Wells Fargo & Company lowered their price objective on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 8th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, Canadian Solar currently has an average rating of “Reduce” and a consensus target price of $18.66.

Insider Buying and Selling

In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. Additional details regarding this sale are available in the official SEC disclosure. 21.50% of the stock is owned by corporate insiders.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.