Waterfront Wealth Inc. Reduces Holdings in Canadian Solar Inc. $CSIQ

Waterfront Wealth Inc. trimmed its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 49.6% in the fourth quarter, HoldingsChannel reports. The firm owned 82,836 shares of the solar energy provider’s stock after selling 81,595 shares during the period. Waterfront Wealth Inc.’s holdings in Canadian Solar were worth $1,822,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CSIQ. Polunin Capital Partners Ltd purchased a new position in shares of Canadian Solar during the 4th quarter worth approximately $43,692,000. Two Sigma Investments LP purchased a new position in shares of Canadian Solar during the 3rd quarter worth approximately $11,544,000. JPMorgan Chase & Co. increased its stake in shares of Canadian Solar by 206.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 571,893 shares of the solar energy provider’s stock worth $7,457,000 after purchasing an additional 385,355 shares in the last quarter. Tudor Investment Corp ET AL purchased a new position in shares of Canadian Solar during the 3rd quarter worth approximately $5,008,000. Finally, Invesco Ltd. increased its stake in shares of Canadian Solar by 19.3% during the 3rd quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock worth $28,696,000 after purchasing an additional 356,625 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CSIQ has been the subject of a number of recent research reports. Wells Fargo & Company dropped 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. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. Wall Street Zen cut shares of Canadian Solar from a “hold” rating to a “strong sell” rating in a research note on Monday. Freedom Capital raised shares of Canadian Solar from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 24th. Finally, Roth Mkm dropped their price objective on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, Canadian Solar currently has a consensus rating of “Hold” and a consensus target price of $18.36.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $13.20 on Monday. The firm has a market cap of $895.09 million, a P/E ratio of -5.28 and a beta of 1.37. The firm’s 50 day moving average price is $16.38 and its 200 day moving average price is $19.90. Canadian Solar Inc. has a 1 year low of $6.96 and a 1 year high of $34.59. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.83 and a current ratio of 1.02.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Saturday, February 14th. The solar energy provider reported ($1.66) earnings per share for the quarter. The company had revenue of $1.22 billion during the quarter. Canadian Solar had a negative net margin of 1.86% and a negative return on equity of 4.95%. As a group, sell-side analysts anticipate that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Canadian Solar Company Profile

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.