Wall Street brokerages expect that Canadian Solar Inc. (NASDAQ:CSIQ) will post earnings per share (EPS) of ($0.16) for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Canadian Solar’s earnings, with estimates ranging from ($0.21) to ($0.10). Canadian Solar posted earnings of $0.68 per share during the same quarter last year, which would indicate a negative year-over-year growth rate of 123.5%. The business is expected to issue its next quarterly earnings results before the market opens on Monday, August 14th.
According to Zacks, analysts expect that Canadian Solar will report full year earnings of $1.41 per share for the current fiscal year, with EPS estimates ranging from $1.25 to $1.57. For the next year, analysts anticipate that the business will report earnings of $1.79 per share, with EPS estimates ranging from $1.25 to $2.66. Zacks’ earnings per share calculations are a mean average based on a survey of analysts that follow Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Tuesday, June 6th. The solar energy provider reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by $0.14. The company had revenue of $677 million for the quarter, compared to analysts’ expectations of $580.45 million. Canadian Solar had a return on equity of 7.12% and a net margin of 1.04%. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 EPS.
Several analysts recently commented on CSIQ shares. Axiom Securities reiterated a “buy” rating on shares of Canadian Solar in a research note on Saturday, July 22nd. Cowen and Company raised their price objective on shares of Canadian Solar from $10.00 to $13.00 and gave the company a “market perform” rating in a research note on Wednesday, June 7th. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $31.00 price objective on shares of Canadian Solar in a research note on Thursday, April 20th. BidaskClub cut shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, ValuEngine cut shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $16.20.
Institutional investors have recently bought and sold shares of the stock. Wedbush Securities Inc. acquired a new position in Canadian Solar during the first quarter valued at $189,000. Raymond James Financial Services Advisors Inc. increased its position in Canadian Solar by 20.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 18,614 shares of the solar energy provider’s stock valued at $228,000 after buying an additional 3,100 shares during the period. Trellus Management Company LLC acquired a new position in Canadian Solar during the first quarter valued at $245,000. Global X Management Co. LLC increased its position in Canadian Solar by 7.5% in the first quarter. Global X Management Co. LLC now owns 22,345 shares of the solar energy provider’s stock valued at $274,000 after buying an additional 1,562 shares during the period. Finally, Paloma Partners Management Co acquired a new position in Canadian Solar during the first quarter valued at $303,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Canadian Solar (NASDAQ CSIQ) traded up 0.30% during mid-day trading on Thursday, 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 one year low of $10.25 and a one year high of $18.12. The company has a market cap of $985.47 million, a P/E ratio of 15.17 and a beta of 3.07.
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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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