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

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

Canadian Solar Stock Performance

Shares of Canadian Solar stock opened at $13.87 on Thursday. The firm’s fifty day simple moving average is $15.06 and its 200-day simple moving average is $16.15. The stock has a market capitalization of $941.77 million, a price-to-earnings ratio of -5.50 and a beta of 1.52. Canadian Solar has a 12 month low of $9.41 and a 12 month high of $34.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81.

Analyst Upgrades and Downgrades

CSIQ has been the topic of several research analyst reports. Citigroup raised Canadian Solar from a “sell” rating to a “neutral” rating and raised their price objective for the company from $11.00 to $18.00 in a report on Wednesday, July 22nd. Mizuho upped their target price on Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research 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 note on Saturday, May 23rd. Finally, Glj Research reissued a “sell” rating and set a $5.58 target price on shares of Canadian Solar in a research note on Thursday. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $18.11.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CSIQ. Quarry LP acquired a new stake in Canadian Solar during the 4th quarter worth approximately $54,000. Raymond James Financial Inc. purchased a new position in shares of Canadian Solar in the 2nd quarter valued at about $33,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Canadian Solar in the 3rd quarter valued at about $73,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.