Canadian Solar Inc. (NASDAQ:CSIQ) Shares Purchased by Waterfront Wealth Inc.

Waterfront Wealth Inc. raised its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 3.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,742 shares of the solar energy provider’s stock after purchasing an additional 2,037 shares during the quarter. Waterfront Wealth Inc. owned about 0.10% of Canadian Solar worth $1,698,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Quarry LP boosted its holdings in shares of Canadian Solar by 1,268.6% in the 1st quarter. Quarry LP now owns 958 shares of the solar energy provider’s stock valued at $38,000 after purchasing an additional 888 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Canadian Solar by 115.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after purchasing an additional 589 shares during the last quarter. State of Tennessee Treasury Department acquired a new position in shares of Canadian Solar in the 2nd quarter valued at $54,000. Adirondack Trust Co. boosted its holdings in shares of Canadian Solar by 200.0% in the 3rd quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Castleview Partners LLC acquired a new position in shares of Canadian Solar in the 1st quarter valued at $64,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Wall Street Analyst Weigh In

CSIQ has been the topic of a number of research reports. Wells Fargo & Company cut their target price on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 19th. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Daiwa Capital Markets initiated coverage on shares of Canadian Solar in a research note on Monday, March 11th. They issued a “neutral” rating and a $21.00 target price on the stock. Citigroup cut their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Finally, The Goldman Sachs Group cut their target price on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and a consensus price target of $31.78.

Canadian Solar Stock Down 1.0 %

Canadian Solar stock traded down $0.15 during midday trading on Wednesday, hitting $15.12. 2,949,348 shares of the stock were exchanged, compared to its average volume of 1,381,646. The company has a 50 day moving average price of $19.86 and a two-hundred day moving average price of $21.46. The firm has a market cap of $975.33 million, a P/E ratio of 3.90, a P/E/G ratio of 0.24 and a beta of 1.26. Canadian Solar Inc. has a 1 year low of $15.08 and a 1 year high of $45.29. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.04 and a quick ratio of 0.84.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.69 billion. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The company’s revenue was down 13.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.11 EPS. On average, sell-side analysts predict that Canadian Solar Inc. will post 2.57 earnings per share for the current fiscal year.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.