Waterfront Wealth Inc. Purchases 2,037 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Waterfront Wealth Inc. lifted its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 3.2% during the 4th quarter, according to the company in its most recent filing with the SEC. 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.’s holdings in Canadian Solar were worth $1,698,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in CSIQ. Grantham Mayo Van Otterloo & Co. LLC grew its holdings in shares of Canadian Solar by 137.9% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider’s stock worth $92,569,000 after purchasing an additional 2,180,240 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Canadian Solar by 27.1% during the 4th quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after acquiring an additional 843,100 shares during the last quarter. Bank of America Corp DE grew its holdings in Canadian Solar by 2,094.9% during the 1st quarter. Bank of America Corp DE now owns 471,110 shares of the solar energy provider’s stock worth $18,755,000 after acquiring an additional 449,646 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Canadian Solar by 275.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 528,597 shares of the solar energy provider’s stock worth $21,043,000 after acquiring an additional 387,866 shares during the last quarter. Finally, Creative Planning grew its holdings in Canadian Solar by 103.3% during the 3rd quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after acquiring an additional 205,671 shares during the last quarter. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Down 1.0 %

Shares of NASDAQ:CSIQ traded down $0.15 during midday trading on Wednesday, hitting $15.12. The stock had a trading volume of 2,949,348 shares, compared to its average volume of 1,381,646. Canadian Solar Inc. has a 12 month low of $15.08 and a 12 month high of $45.29. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The business’s 50-day simple moving average is $19.86 and its 200-day simple moving average is $21.46. The company has a market cap of $975.33 million, a P/E ratio of 3.90, a PEG ratio of 0.24 and a beta of 1.26.

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, beating the consensus estimate of ($0.13) by $0.11. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same period last year, the business earned $1.11 earnings per share. The firm’s revenue was down 13.7% on a year-over-year basis. On average, sell-side analysts forecast that Canadian Solar Inc. will post 2.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on CSIQ shares. The Goldman Sachs Group reduced 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. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. Citigroup dropped their target price on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Wells Fargo & Company dropped 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 report on Tuesday, March 19th. Finally, Daiwa Capital Markets started coverage on shares of Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $31.78.

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.