Waterfront Wealth Inc. Acquires 26,778 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Waterfront Wealth Inc. increased its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 16.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 185,175 shares of the solar energy provider’s stock after purchasing an additional 26,778 shares during the quarter. Waterfront Wealth Inc. owned approximately 0.28% of Canadian Solar worth $2,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of CSIQ. Private Advisor Group LLC purchased a new stake in Canadian Solar in the third quarter worth about $219,000. Summit Place Financial Advisors LLC grew its position in Canadian Solar by 60.0% in the 3rd quarter. Summit Place Financial Advisors LLC now owns 59,223 shares of the solar energy provider’s stock worth $993,000 after purchasing an additional 22,200 shares during the period. KBC Group NV grew its position in Canadian Solar by 36.2% in the 3rd quarter. KBC Group NV now owns 142,402 shares of the solar energy provider’s stock worth $2,387,000 after purchasing an additional 37,850 shares during the period. Prospera Financial Services Inc bought a new stake in Canadian Solar in the 3rd quarter worth approximately $333,000. Finally, Charles Schwab Investment Management Inc. grew its position in Canadian Solar by 101.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after purchasing an additional 57,246 shares during the period. 52.36% of the stock is owned by institutional investors.

Canadian Solar Stock Up 2.7 %

Shares of NASDAQ CSIQ opened at $11.35 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $750.92 million, a PE ratio of -94.58, a price-to-earnings-growth ratio of 0.71 and a beta of 1.26. The stock’s fifty day simple moving average is $11.12 and its two-hundred day simple moving average is $12.64. Canadian Solar Inc. has a 12-month low of $9.56 and a 12-month high of $22.59.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.13. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 EPS. As a group, analysts expect that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on CSIQ. StockNews.com cut Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Mizuho began coverage on Canadian Solar in a research report on Friday, December 13th. They set an “outperform” rating and a $20.00 price objective on the stock. Jefferies Financial Group began coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective on the stock. The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $14.00 to $11.00 in a report on Tuesday, December 17th. Finally, Wells Fargo & Company reduced their price target on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Five analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $18.31.

About Canadian Solar

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