Canadian Solar (NASDAQ:CSIQ) Issues Quarterly Earnings Results, Misses Estimates By $1.22 EPS

Key Points

• Canadian Solar reported a quarterly loss of $1.40 per share, missing the consensus estimate of a $0.18 loss by $1.22. Revenue totaled $1.21 billion, exceeding analysts’ $1.17 billion forecast.
• Shares opened at $13.87, while the company reported a negative 1.87% net margin and negative 4.20% return on equity. The stock has traded between $9.41 and $34.59 over the past year.
• Wall Street maintains a consensus “Hold” rating, with three Buy, seven Hold and three Sell recommendations and an average price target of $19.36. Institutional investors own 52.36% of the company.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) posted its earnings results on Thursday. The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22), FiscalAI reports. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.17 billion.

Canadian Solar Stock Performance

Shares of CSIQ opened at $13.87 on Thursday. Canadian Solar has a 1 year low of $9.41 and a 1 year high of $34.59. The stock has a market capitalization of $941.77 million, a PE ratio of -5.50 and a beta of 1.52. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The stock has a 50-day simple moving average of $15.06 and a 200-day simple moving average of $16.15.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CSIQ shares. Citigroup upgraded Canadian Solar from a "sell" rating to a "neutral" rating and increased their price target for the stock from $11.00 to $18.00 in a report on Wednesday, July 22nd. Freedom Capital lowered shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Wall Street Zen raised shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. Finally, Mizuho increased their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, June 15th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $19.36.

Institutional Trading of Canadian Solar

Hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its holdings in Canadian Solar by 20.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider's stock worth $4,748,000 after acquiring an additional 92,002 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its holdings in shares of Canadian Solar by 141.9% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider's stock valued at $100,000 after purchasing an additional 5,338 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Canadian Solar by 20.9% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider's stock worth $9,539,000 after purchasing an additional 145,867 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar during the second quarter worth $33,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Canadian Solar during the second quarter worth $790,000. Institutional investors and hedge funds own 52.36% of the company's stock.

Canadian Solar Company Profile

Canadian Solar Inc NASDAQ: CSIQ is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.

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