Canadian Solar Inc. (NASDAQ: CSIQ) shares were down 7.1% during mid-day trading on Friday after earnings reports turned out to be stronger than expected. The stock traded as high as $ 46.73 and was last trading at $ 45.92. 139,499 shares were traded during mid-day trading, a 94% decrease from the average session volume of 2,258,647 shares. The stock previously closed at $ 42.86. The solar energy company reported earnings per share of $ 0.11 for the quarter, beating Zacks’ consensus estimate of $ 0.55 by $ 0.66. Canadian Solar had a net margin of 6.19% and a return on equity of 10.28%. The company had revenue of $ 1.04 billion for the quarter, compared to analyst estimates of $ 997.86 million. For the same quarter last year, the company posted earnings of $ 1.04 per share. Canadian Solar’s quarterly revenue increased 13.2% year over year.
A number of research analysts have commented on the stock. Roth Capital raised its target price on shares in Canadian Solar from USD 32.00 to USD 50.00 and gave the company a “Buy” rating in a research report on Friday, November 20. Zacks Investment Research downgraded Canadian Solar’s stock from a “buy” rating to a “strong sell” rating and set a price target of $ 34.00 on the stock. in a research report on Tuesday, November 24th. Goldman Sachs Group downgraded Canadian Solar’s shares from a “buy” rating to a “neutral” rating and raised its target price for the company from $ 43.00 in a research report on Monday, January 4th $ 48.00. Oppenheimer raised his target price on shares of Canadian Solar from USD 33.00 to USD 48.00 and rated the company as “Outperform” in a research report on Friday, November 20. Finally, in a research report on Friday, January 8th, Citigroup Inc. initiated the coverage of Canadian Solar shares with Russell’s 3% Minimum Coupon Principal Protected Based Based. They gave a buy rating and a target price of $ 71.00 on the stock. One equity research analyst has given the stock a sell rating, two have given it a hold rating, and six have given the company a buy rating. The stock has a consensus rating of “Buy” and a consensus target of $ 48.67.
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A number of institutional investors have recently changed their business holdings. 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 during the period. Morgan Stanley increased its stake in Canadian Solar by 22.6% in the third quarter. Morgan Stanley now owns 1,606,297 shares in the solar energy company valued at $ 56,381,000 after purchasing an additional 295,812 shares during the period. Norges Bank acquired a new stake in Canadian Solar for $ 32,301,000 in the fourth quarter. Ovata Capital Management Ltd acquired a new stake in Canadian Solar for $ 581,000 in the third quarter. Finally, Vontobel Holding Ltd. acquired a new stake in Canadian Solar valued at $ 29,213,000 in the fourth quarter. Institutional investors currently hold 41.03% of the company’s shares.
The company has a market cap of $ 2.72 billion, a value for money of 13.49, a PEG ratio of 0.71, and a beta of 1.55. The company has a current rate of 1.24, a quick rate of 1.04, and a leverage ratio of 0.47. The company’s 50-day moving average price is $ 51.35 and its 200-day moving average price is $ 44.03.
Profile of the Canadian solar company (NASDAQ: CSIQ)
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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