Analysts forecast that Canadian Solar Inc. (NASDAQ:CSIQ) will post $622.82 million in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Canadian Solar’s earnings. The lowest sales estimate is $620.00 million and the highest is $624.50 million. Canadian Solar reported sales of $805.91 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 22.7%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Monday, August 14th.
On average, analysts expect that Canadian Solar will report full year sales of $622.82 million for the current financial year, with estimates ranging from $3.58 billion to $4.43 billion. For the next fiscal year, analysts forecast that the company will post sales of $3.57 billion per share, with estimates ranging from $3.25 billion to $3.93 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Tuesday, June 6th. The solar energy provider reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by $0.14. The firm had revenue of $677 million for the quarter, compared to analysts’ expectations of $580.45 million. Canadian Solar had a net margin of 1.04% and a return on equity of 7.12%. The company’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.39 EPS.
CSIQ has been the subject of several recent research reports. Axiom Securities reissued a “buy” rating on shares of Canadian Solar in a research note on Saturday, July 22nd. BidaskClub cut Canadian Solar from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Cowen and Company set a $13.00 target price on Canadian Solar and gave the stock a “hold” rating in a research report on Monday, July 10th. ValuEngine cut Canadian Solar from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $31.00 target price on shares of Canadian Solar in a research report on Thursday, April 20th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $16.20.
Canadian Solar (NASDAQ:CSIQ) traded up 0.30% during mid-day trading on Friday, hitting $16.99. 990,419 shares of the stock were exchanged. The company has a 50 day moving average price of $15.48 and a 200 day moving average price of $13.66. Canadian Solar has a 52 week low of $10.25 and a 52 week high of $18.12. The stock has a market cap of $985.47 million, a price-to-earnings ratio of 15.17 and a beta of 3.07.
Large investors have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its stake in Canadian Solar by 194.4% in the first quarter. SG Americas Securities LLC now owns 171,985 shares of the solar energy provider’s stock valued at $2,110,000 after buying an additional 113,569 shares in the last quarter. Bank of America Corp DE boosted its stake in Canadian Solar by 10.2% in the first quarter. Bank of America Corp DE now owns 492,227 shares of the solar energy provider’s stock valued at $6,040,000 after buying an additional 45,650 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Canadian Solar by 233.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 43,599 shares of the solar energy provider’s stock valued at $535,000 after buying an additional 30,523 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in Canadian Solar during the second quarter valued at $476,000. Finally, Paloma Partners Management Co acquired a new stake in Canadian Solar during the first quarter valued at $303,000. 35.38% of the stock is owned by institutional investors.
About Canadian Solar
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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