Brokerages expect Canadian Solar Inc. (NASDAQ:CSIQ) to announce sales of $1.55 billion for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Canadian Solar’s earnings, with estimates ranging from $1.53 billion to $1.55 billion. Canadian Solar posted sales of $1.04 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 49%. The business is expected to announce its next earnings results on Thursday, March 17th.
On average, analysts expect that Canadian Solar will report full year sales of $5.29 billion for the current fiscal year, with estimates ranging from $5.28 billion to $5.30 billion. For the next year, analysts forecast that the company will report sales of $6.59 billion, with estimates ranging from $6.49 billion to $6.67 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, November 18th. The solar energy provider reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.24. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.34 billion. Canadian Solar had a return on equity of 3.55% and a net margin of 1.59%. The business’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same period last year, the company earned $0.15 EPS.
CSIQ has been the topic of a number of analyst reports. Citigroup cut their price target on Canadian Solar from $53.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, December 21st. Wells Fargo & Company initiated coverage on Canadian Solar in a research note on Monday, November 22nd. They issued an “equal weight” rating and a $44.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $45.57.
Institutional investors have recently modified their holdings of the stock. M&G Investment Management Ltd. acquired a new stake in Canadian Solar during the 2nd quarter worth $1,833,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of Canadian Solar by 33.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 62,885 shares of the solar energy provider’s stock valued at $2,175,000 after purchasing an additional 15,929 shares during the period. Amundi acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at about $3,997,000. BNP Paribas Arbitrage SA raised its stake in shares of Canadian Solar by 156.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 81,053 shares of the solar energy provider’s stock valued at $3,634,000 after purchasing an additional 49,486 shares during the period. Finally, Kylin Management LLC acquired a new stake in shares of Canadian Solar in the 2nd quarter valued at about $27,801,000. 42.42% of the stock is currently owned by institutional investors and hedge funds.
CSIQ stock opened at $28.25 on Friday. The business’s fifty day moving average is $33.96 and its 200-day moving average is $36.56. The company has a quick ratio of 0.90, a current ratio of 1.19 and a debt-to-equity ratio of 0.40. The company has a market cap of $1.69 billion, a P/E ratio of 24.15 and a beta of 1.47. Canadian Solar has a twelve month low of $27.21 and a twelve month high of $67.39.
About Canadian Solar
Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules and provides solar energy solutions. It operates …….