Waterfront Wealth Inc. Grows Stock Holdings in Canadian Solar Inc. $CSIQ

Key Points

• Waterfront Wealth Inc. increased its stake in Canadian Solar by 129.8% in the first quarter, ending with 190,381 shares worth about $2.64 million.
• Other institutional investors also boosted holdings, and overall 52.36% of Canadian Solar’s stock is owned by hedge funds and institutions.
• Canadian Solar beat quarterly expectations with EPS of -$0.71 versus the estimated -$1.06 and revenue of $1.08 billion, though sales were still down 9.9% year over year and analysts currently rate the stock a Reduce with an average target price of $18.66.

Waterfront Wealth Inc. boosted its stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 129.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 190,381 shares of the solar energy provider's stock after acquiring an additional 107,545 shares during the period. Waterfront Wealth Inc. owned 0.28% of Canadian Solar worth $2,637,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CSIQ. JPMorgan Chase & Co. raised its stake in shares of Canadian Solar by 206.6% during the third 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 during the last quarter. UBS Group AG increased its stake in Canadian Solar by 71.3% in the 4th quarter. UBS Group AG now owns 399,963 shares of the solar energy provider's stock valued at $9,507,000 after buying an additional 166,412 shares during the period. Polunin Capital Partners Ltd acquired a new position in Canadian Solar in the 4th quarter valued at $43,692,000. Hussman Strategic Advisors Inc. purchased a new position in Canadian Solar during the 4th quarter worth $2,995,000. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Canadian Solar by 14,259.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 224,011 shares of the solar energy provider's stock worth $5,325,000 after acquiring an additional 222,451 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Stock Performance

CSIQ opened at $14.99 on Friday. The stock has a market cap of $1.02 billion, a P/E ratio of -5.95 and a beta of 1.51. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The stock's 50 day simple moving average is $16.98 and its 200 day simple moving average is $17.86. Canadian Solar Inc. has a 1-year low of $9.41 and a 1-year high of $34.59.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.35. The firm had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.Canadian Solar's revenue was down 9.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.07) earnings per share. As a group, equities analysts anticipate that Canadian Solar Inc. will post -1.81 EPS for the current fiscal year.

Insider Buying and Selling at Canadian Solar

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the firm's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total transaction of $28,610.16. The disclosure for this sale is available in the SEC filing. Insiders own 21.50% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CSIQ. Mizuho lifted their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, June 15th. Wells Fargo & Company reduced 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 report on Wednesday, April 8th. Wall Street Zen upgraded Canadian Solar from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. Roth Capital cut their target price on Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a research note on Monday, March 23rd. Finally, Freedom Capital cut Canadian Solar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, Canadian Solar currently has a consensus rating of "Reduce" and an average target price of $18.66.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.