#4. Canadian Solar Inc. (NASDAQ:CSIQ)
– Number of Hedge Fund Shareholders (as of June 30): 16
– Total Value of Hedge Funds’ Holdings (as of June 30): $69.61 Million
Canadian Solar Inc. (NASDAQ:CSIQ) slightly fell out of favor with the elite segment of the hedge fund industry monitored by Insider Monkey in the June quarter, given that the number of funds with long positions in the company declined to 16 from 17 quarter-on-quarter. Similarly, the aggregate value of those long positions plunged by 32% quarter-over-quarter to $69.61 million, primarily due to a drop of almost 22% in the value of Canadian Solar shares. The 16 hedge funds invested in Canadian Solar amassed approximately 8% of the company’s total number of outstanding shares. The Canadian solar power company has lost 54% of its market capitalization since the beginning of the year. In late August, analysts at Barclays downgraded Canadian Solar to ‘Equal Weight’ from ‘Overweight’ and trimmed their price target on the stock to $14 from $24, citing the “broader (and unavoidable) issue of unintended consequences of government policy distorting the solar supply/demand relationship on a global scale.” For instance, the Chinese government recently announced reductions in subsidies for solar farms commissioned after June 30. Ken Hahn’s Quentec Asset Management upped its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 39% during the June quarter to 1.03 million shares.
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#3. SunPower Corporation (NASDAQ:SPWR)
– Number of Hedge Fund Shareholders (as of June 30): 19
– Total Value of Hedge Funds’ Holdings (as of June 30): $144.79 Million
SunPower Corporation (NASDAQ:SPWR) was a hedge fund darling during the April-to-June quarter, as the number of funds from our system with stakes in the company jumped to 19 from 15 quarter-on-quarter. Despite the increase in the number of hedge fund shareholders, the overall value of those stakes dropped by around 12% quarter-over-quarter to $144.79 million. The decrease was mainly attributable to a 30% decline in the value of SunPower shares. The shares of the global energy company that delivers complete solar solutions to residential, commercial and power plant customers are down a disturbing 65% since the start of 2016. SunPower shares recently took another blow after the company issued a disappointing third-quarter and full-year outlook, with some analysts questioning the credibility of the company’s management. Long story short, the company cut its deployment guidance on an anticipated two-year downtrend for its power plant division. Bernard Lambilliotte’s Ecofin Ltd was the owner of 1.60 million shares of SunPower Corporation (NASDAQ:SPWR) at the end of June.
