Wall Street analysts forecast that Canadian Solar Inc. (NASDAQ:CSIQ) will report sales of $797.86 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Canadian Solar’s earnings. The lowest sales estimate is $793.00 million and the highest is $801.00 million. Canadian Solar posted sales of $767.97 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3.9%. The firm is scheduled to announce its next earnings results after the market closes on Tuesday, November 12th.
According to Zacks, analysts expect that Canadian Solar will report full-year sales of $3.64 billion for the current fiscal year, with estimates ranging from $3.60 billion to $3.70 billion. For the next financial year, analysts expect that the company will report sales of $4.14 billion, with estimates ranging from $4.01 billion to $4.38 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, August 15th. The solar energy provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.23 by $0.54. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $990.29 million. Canadian Solar had a net margin of 7.01% and a return on equity of 14.80%. The company’s revenue was up 59.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.26 earnings per share.
CSIQ has been the topic of a number of research analyst reports. BidaskClub cut shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Saturday, November 2nd. Roth Capital upped their price target on shares of Canadian Solar from $27.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, August 16th. ValuEngine cut shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 10th. Finally, Cascend Securities reaffirmed a “buy” rating and set a $30.00 price target (up previously from $25.00) on shares of Canadian Solar in a research report on Friday, August 16th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $25.50.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Advisor Group Inc. raised its holdings in shares of Canadian Solar by 14.7% in the 2nd quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock worth $107,000 after acquiring an additional 629 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Canadian Solar by 0.9% in the 2nd quarter. First Trust Advisors LP now owns 57,623 shares of the solar energy provider’s stock worth $1,258,000 after acquiring an additional 525 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Canadian Solar by 3.6% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 37,369 shares of the solar energy provider’s stock worth $816,000 after acquiring an additional 1,300 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Canadian Solar by 1.1% in the 2nd quarter. Northern Trust Corp now owns 86,086 shares of the solar energy provider’s stock worth $1,879,000 after acquiring an additional 976 shares during the last quarter. Finally, CoreCommodity Management LLC raised its holdings in shares of Canadian Solar by 5.2% in the 2nd quarter. CoreCommodity Management LLC now owns 34,452 shares of the solar energy provider’s stock worth $752,000 after acquiring an additional 1,709 shares during the last quarter. Institutional investors own 41.62% of the company’s stock.
Shares of NASDAQ:CSIQ traded down $0.22 during trading on Thursday, hitting $16.90. 540,500 shares of the company were exchanged, compared to its average volume of 789,690. The company has a quick ratio of 0.87, a current ratio of 0.99 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.03 billion, a P/E ratio of 5.15, a price-to-earnings-growth ratio of 0.18 and a beta of 2.02. The business’s 50 day moving average is $18.62 and its 200-day moving average is $20.43. Canadian Solar has a 1-year low of $13.24 and a 1-year high of $25.89.
About Canadian Solar
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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