Brokerages expect Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) to post $1.55 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Canadian Solar’s earnings. The highest sales estimate is $1.55 billion and the lowest is $1.53 billion. Canadian Solar reported sales of $1.04 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 49%. The business is scheduled to issue its next quarterly earnings report on Thursday, March 17th.
According to Zacks, analysts expect that Canadian Solar will report full-year sales of $5.29 billion for the current financial year, with estimates ranging from $5.28 billion to $5.30 billion. For the next fiscal year, analysts expect that the business will post sales of $6.57 billion, with estimates ranging from $6.49 billion to $6.62 billion. Zacks’ sales calculations are an average based on a survey of research analysts that cover Canadian Solar.
Several brokerages recently issued reports on CSIQ. Wells Fargo & Company began coverage on shares of Canadian Solar in a research note on Monday, November 22nd. They issued an “equal weight” rating and a $44.00 price target for the company. Citigroup reduced their price objective on shares of Canadian Solar from $46.00 to $40.00 in a research note on Friday, January 28th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Canadian Solar from $50.00 to $41.00 in a research note on Thursday, January 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar presently has an average rating of “Hold” and a consensus price target of $43.29.
Several hedge funds have recently made changes to their positions in the company. M&G Investment Management Ltd. purchased a new position in shares of Canadian Solar in the second quarter worth approximately $1,833,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Canadian Solar by 33.9% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 62,885 shares of the solar energy provider’s stock worth $2,175,000 after buying an additional 15,929 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Canadian Solar by 1.3% in the third quarter. Handelsbanken Fonder AB now owns 270,309 shares of the solar energy provider’s stock worth $9,350,000 after buying an additional 3,500 shares during the last quarter. Amundi purchased a new position in shares of Canadian Solar in the second quarter worth approximately $3,997,000. Finally, Shelton Capital Management lifted its holdings in Canadian Solar by 50.0% during the third quarter. Shelton Capital Management now owns 180,000 shares of the solar energy provider’s stock valued at $6,226,000 after purchasing an additional 60,000 shares in the last quarter. Hedge funds and other institutional investors own 43.70% of the company’s stock.
Shares of Canadian Solar stock opened at $26.63 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.19 and a quick ratio of 0.90. The company has a 50-day moving average of $28.52 and a 200 day moving average of $33.82. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 22.76 and a beta of 1.49. Canadian Solar has a 1 year low of $23.25 and a 1 year high of $51.00.
About Canadian Solar (Get Rating)
Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules and provides solar energy solutions. It operates through the Module and System Solutions (MSS) and Energy segments. The MSS segment involves in the design, development, manufacture, and sales of solar power products and solar system kits, and operation and maintenance services.