Wall Street analysts expect Canadian Solar Inc. (NASDAQ:CSIQ) to post earnings of $0.55 per share for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Canadian Solar’s earnings, with the highest EPS estimate coming in at $0.73 and the lowest estimate coming in at $0.42. Canadian Solar reported earnings of $1.61 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 65.8%. The business is expected to issue its next quarterly earnings results on Thursday, March 19th.
On average, analysts expect that Canadian Solar will report full-year earnings of $2.27 per share for the current year, with EPS estimates ranging from $2.14 to $2.46. For the next fiscal year, analysts anticipate that the business will report earnings of $3.05 per share, with EPS estimates ranging from $2.58 to $3.44. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that that provide coverage for Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Tuesday, November 12th. The solar energy provider reported $0.66 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.22). The company had revenue of $759.90 million for the quarter, compared to analysts’ expectations of $799.55 million. Canadian Solar had a net margin of 6.77% and a return on equity of 12.91%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.09 earnings per share.
Several research analysts have commented on the stock. Goldman Sachs Group upgraded shares of Canadian Solar from a “neutral” rating to a “buy” rating in a report on Friday, January 3rd. ValuEngine lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, January 3rd. BidaskClub raised shares of Canadian Solar from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 8th. Roth Capital reiterated a “buy” rating and set a $32.00 price objective on shares of Canadian Solar in a research report on Monday, December 2nd. Finally, Zacks Investment Research downgraded shares of Canadian Solar from a “hold” rating to a “strong sell” rating and set a $24.00 target price on the stock. in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $26.80.
Large investors have recently added to or reduced their stakes in the business. Man Group plc purchased a new stake in shares of Canadian Solar in the third quarter worth approximately $703,000. Virtu Financial LLC acquired a new stake in shares of Canadian Solar during the third quarter worth approximately $298,000. State Street Corp boosted its holdings in shares of Canadian Solar by 19.1% during the third quarter. State Street Corp now owns 67,363 shares of the solar energy provider’s stock worth $1,272,000 after purchasing an additional 10,800 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Canadian Solar by 31.9% during the third quarter. SG Americas Securities LLC now owns 23,329 shares of the solar energy provider’s stock worth $440,000 after purchasing an additional 5,643 shares during the period. Finally, First Trust Advisors LP grew its position in Canadian Solar by 1.0% during the third quarter. First Trust Advisors LP now owns 58,213 shares of the solar energy provider’s stock valued at $1,099,000 after purchasing an additional 590 shares in the last quarter. 39.85% of the stock is currently owned by institutional investors.
CSIQ stock opened at $23.45 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.95 and a debt-to-equity ratio of 0.40. Canadian Solar has a one year low of $14.50 and a one year high of $25.89. The firm has a market capitalization of $1.37 billion, a PE ratio of 7.15, a P/E/G ratio of 0.23 and a beta of 2.14. The firm has a 50-day moving average of $20.38 and a two-hundred day moving average of $20.19.
Canadian Solar announced that its Board of Directors has approved a share buyback program on Monday, December 9th that allows the company to buyback $150.00 million in shares. This buyback authorization allows the solar energy provider to purchase up to 13% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
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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