Wall Street analysts expect Canadian Solar Inc. (NASDAQ: CSIQ) to generate revenue of $ 1.04 billion in the current quarter, reports Zacks Investment Research. Three analysts have published estimates of Canadian Solar’s earnings that range between $ 1.01 billion and $ 1.06 billion. Canadian Solar had sales of $ 825.64 million for the same quarter last year, representing a positive year-over-year growth rate of 26%. The company is expected to release its next quarterly results on Thursday, May 27th.
According to Zacks, analysts expect Canadian Solar to post total annual sales of $ 5.70 billion for the current fiscal year, with estimates ranging from $ 5.55 to $ 5.83 billion. For the next year, analysts expect the company to post sales of $ 6.37 billion, with estimates ranging from $ 6.08 to $ 6.84 billion. Zacks’ average revenue is based on a survey of sell-side research firms following Canadian Solar.
Canadian Solar (NASDAQ: CSIQ) last released its quarterly results on Wednesday March 17th. The solar energy company reported earnings of $ 0.11 per share for the quarter, beating Thomson Reuters’ consensus estimate of ($ 0.55) by $ 0.66. The company had revenue of $ 1.04 billion for the quarter, compared to the consensus estimate of $ 997.86 million. Canadian Solar had a net margin of 6.19% and a return on equity of 10.28%. The company’s sales increased 13.2% over the previous year. For the same quarter last year, the company posted earnings of $ 1.04 per share.
A number of stock analysts recently commented on the stock. Roth Capital raised its target price for shares in Canadian Solar from USD 50.00 to USD 55.00 and gave the share a “Buy” rating in a research note on Tuesday, March 23rd. The Smith Barney Citigroup began reporting on Canadian Solar stocks in a research note on Friday, January 8th. They gave a buy rating and a target price of $ 71.00 for the company. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Russell lowered its target price for Canadian Solar from USD 71.00 to USD 63.00 in a research report on Tuesday, March 23rd. Citigroup lowered its target price for Canadian Solar in a research report on Tuesday, March 23, from USD 71.00 to USD 63.00. Finally, JPMorgan Chase & Co. lowered its target price for Canadian Solar from $ 54.00 to $ 46.00 and rated the stock as “neutral” in a research report on Monday, March 8th. One research analyst has rated the stock with a sell rating, two with a hold rating and six with a buy rating. Canadian Solar currently has a consensus rating of “Buy” and a consensus target of $ 49.80.
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Several institutional investors and hedge funds recently changed their positions in CSIQ. BlackRock Inc. increased its stake in Canadian Solar by 78.5% in the fourth quarter. BlackRock Inc. now owns 6,821,417 shares in the solar energy company valued at $ 349,529,000 after purchasing an additional 3,000,161 shares last quarter. Norges Bank acquired a new stake in Canadian Solar for $ 32,301,000 in the fourth quarter. Vontobel Holding Ltd. acquired a new stake in Canadian Solar for $ 29,213,000 in the fourth quarter. Amundi Pioneer Asset Management Inc. increased its stake in Canadian Solar by 508.2% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 327,223 shares in the solar energy company valued at $ 16,765,000 after purchasing an additional 273,422 shares last quarter. Finally, commercial banks Fonder AB increased their stake in Canadian Solar by 2,857.6% in the fourth quarter. Handelsbanken Fonder AB now owns 269,144 shares in the solar energy company, valued at $ 13,791,000, after purchasing an additional 260,044 shares last quarter. Currently, 41.03% of the company’s shares are owned by hedge funds and other institutional investors.
NASDAQ stocks: CSIQ opened at $ 42.59 on Tuesday. The company has a market cap of $ 2.53 billion, value for money of 12.34, value for money of 0.71, and a beta of 1.55. Canadian Solar has a 52-week low of $ 15.83 and a 52-week high of $ 67.39. The company has a quick rate of 1.04, a current rate of 1.24, and a leverage ratio of 0.47. The company has a 50-day moving average of $ 45.08 and a 200-day moving average of $ 46.39.
Profile of the Canadian solar company
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures and sells solar bars, wafers, cells, modules and other solar power products. The company operates in two segments: module and system solutions (MSS) and energy. The MSS segment designs, manufactures, and sells a range of solar energy products, including standard solar modules, specialty solar products, and solar system kits, which are ready-to-install packages that include inverters, shelving systems, and other accessories.
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