Equities analysts forecast that Canadian Solar Inc. (NASDAQ:CSIQ) will report $1.43 billion in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Canadian Solar's earnings, with estimates ranging from $1.40 billion to $1.45 billion. Canadian Solar posted sales of $695.85 million during the same quarter last year, which suggests a positive year over year growth rate of 105.5%. The firm is expected to announce its next quarterly earnings results on Friday, August 6th.
On average, analysts expect that Canadian Solar will report full year sales of $5.86 billion for the current year, with estimates ranging from $5.78 billion to $5.98 billion. For the next financial year, analysts forecast that the firm will post sales of $6.59 billion, with estimates ranging from $6.18 billion to $7.27 billion. Zacks' sales calculations are a mean average based on a survey of sell-side research analysts that follow Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Wednesday, May 19th. The solar energy provider reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.08. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.04 billion. Canadian Solar had a return on equity of 2.44% and a net margin of 1.57%. The business's quarterly revenue was up 31.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.84 earnings per share.
A number of brokerages have issued reports on CSIQ. JPMorgan Chase & Co. decreased their price target on Canadian Solar from $54.00 to $46.00 and set a "neutral" rating for the company in a report on Monday, March 8th. Roth Capital upped their price objective on Canadian Solar from $50.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, March 23rd. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reduced their price objective on Canadian Solar from $63.00 to $58.00 and set a "buy" rating for the company in a research note on Tuesday, May 25th. Finally, Citigroup dropped their target price on Canadian Solar from $63.00 to $58.00 and set a "buy" rating on the stock in a research report on Tuesday, May 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company's stock. The stock presently has a consensus rating of "Buy" and a consensus price target of $51.78.
NASDAQ CSIQ opened at $40.27 on Friday. The stock has a market capitalization of $2.42 billion, a P/E ratio of 41.95, a PEG ratio of 2.09 and a beta of 1.43. The firm has a 50 day moving average price of $40.86. Canadian Solar has a 1-year low of $16.97 and a 1-year high of $67.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.90 and a current ratio of 1.14.
Several institutional investors have recently modified their holdings of CSIQ. Banque Cantonale Vaudoise purchased a new position in shares of Canadian Solar during the 4th quarter worth $49,000. Adirondack Trust Co. purchased a new position in shares of Canadian Solar during the 4th quarter worth $55,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Canadian Solar during the 4th quarter worth $56,000. Exchange Traded Concepts LLC raised its position in shares of Canadian Solar by 159.6% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,498 shares of the solar energy provider's stock worth $74,000 after buying an additional 921 shares during the period. Finally, Accel Wealth Management raised its position in shares of Canadian Solar by 45.0% in the 1st quarter. Accel Wealth Management now owns 1,740 shares of the solar energy provider's stock worth $86,000 after buying an additional 540 shares during the period. 46.09% of the stock is currently owned by institutional investors.
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. The company operates through two segments, Module and System Solutions (MSS), and Energy. The MSS segment engages in the design, development, manufacture, and sale of a range of solar power products, including standard solar modules, specialty solar products, and solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories.
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