Equities research analysts expect Canadian Solar Inc. (NASDAQ:CSIQ) to report sales of $470.77 million for the current quarter, Zacks reports. Three analysts have issued estimates for Canadian Solar’s earnings, with estimates ranging from $465.90 million to $475.00 million. Canadian Solar posted sales of $1.42 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 66.8%. The company is scheduled to issue its next earnings report on Wednesday, May 15th.
On average, analysts expect that Canadian Solar will report full year sales of $3.58 billion for the current fiscal year, with estimates ranging from $3.45 billion to $3.69 billion. For the next year, analysts forecast that the company will post sales of $3.99 billion, with estimates ranging from $3.69 billion to $4.26 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, March 21st. The solar energy provider reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.74. Canadian Solar had a return on equity of 18.40% and a net margin of 6.33%. The business had revenue of $901.00 million for the quarter, compared to analysts’ expectations of $872.02 million. During the same quarter last year, the firm earned $1.01 earnings per share. The business’s revenue was down 18.7% on a year-over-year basis.
Several research analysts have issued reports on CSIQ shares. Cascend Securities raised Canadian Solar from a “hold” rating to a “buy” rating and upped their price target for the company from $21.00 to $27.00 in a report on Wednesday, February 20th. Zacks Investment Research upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research note on Wednesday, April 10th. ValuEngine lowered shares of Canadian Solar from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Standpoint Research cut shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Finally, JPMorgan Chase & Co. began coverage on shares of Canadian Solar in a research note on Thursday, April 11th. They issued a “neutral” rating and a $22.00 price objective on the stock. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $21.50.
Canadian Solar stock traded up $0.24 during midday trading on Wednesday, hitting $18.12. The stock had a trading volume of 466,115 shares, compared to its average volume of 896,871. The firm has a market cap of $1.04 billion, a P/E ratio of 5.52, a P/E/G ratio of 0.23 and a beta of 2.43. Canadian Solar has a 12 month low of $11.37 and a 12 month high of $25.89. The company has a quick ratio of 0.95, a current ratio of 1.04 and a debt-to-equity ratio of 0.31.
A number of institutional investors have recently modified their holdings of the business. Morgan Stanley boosted its holdings in shares of Canadian Solar by 8.8% during the 3rd quarter. Morgan Stanley now owns 1,494,629 shares of the solar energy provider’s stock valued at $21,673,000 after buying an additional 120,938 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Canadian Solar by 27.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,453,151 shares of the solar energy provider’s stock valued at $27,072,000 after acquiring an additional 310,619 shares during the last quarter. Norges Bank bought a new position in shares of Canadian Solar during the 4th quarter valued at approximately $17,966,000. Millennium Management LLC lifted its position in Canadian Solar by 3,305.5% in the fourth quarter. Millennium Management LLC now owns 963,017 shares of the solar energy provider’s stock worth $13,810,000 after buying an additional 934,739 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Canadian Solar by 5.9% in the first quarter. Goldman Sachs Group Inc. now owns 947,458 shares of the solar energy provider’s stock worth $17,651,000 after purchasing an additional 52,947 shares during the period. 38.72% of the stock is currently owned by institutional investors and hedge funds.
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 products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.
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