Canadian Solar (NASDAQ:CSIQ) Posts Earnings Results, Beats Estimates By $0.54 EPS

Canadian Solar (NASDAQ:CSIQ) announced its earnings results on Thursday. The solar energy provider reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.54, RTT News reports. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $990.29 million. Canadian Solar had a return on equity of 12.92% and a net margin of 6.29%. The firm’s quarterly revenue was up 59.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.26 earnings per share. Canadian Solar updated its Q3 2019 guidance to EPS and its FY 2019 guidance to EPS.

Shares of CSIQ stock traded up $2.84 during trading hours on Thursday, reaching $23.44. The company’s stock had a trading volume of 1,947,684 shares, compared to its average volume of 479,564. The company’s 50 day moving average is $21.33. The firm has a market capitalization of $1.26 billion, a P/E ratio of 7.15, a price-to-earnings-growth ratio of 0.27 and a beta of 2.22. Canadian Solar has a fifty-two week low of $12.64 and a fifty-two week high of $25.89. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.37.

A number of equities analysts have recently weighed in on CSIQ shares. BidaskClub upgraded Canadian Solar from a “hold” rating to a “buy” rating in a research note on Saturday, August 3rd. Zacks Investment Research raised Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Thursday, June 20th. JPMorgan Chase & Co. set a $25.00 price target on Canadian Solar and gave the stock a “hold” rating in a research report on Friday, June 21st. Finally, ValuEngine downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $22.50.



Several hedge funds have recently modified their holdings of the business. Financial Gravity Wealth Inc. bought a new position in shares of Canadian Solar in the 1st quarter valued at $26,000. Bank of Montreal Can lifted its stake in shares of Canadian Solar by 59.4% in the 2nd quarter. Bank of Montreal Can now owns 2,951 shares of the solar energy provider’s stock valued at $65,000 after acquiring an additional 1,100 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Canadian Solar in the 2nd quarter valued at $68,000. C M Bidwell & Associates Ltd. lifted its stake in shares of Canadian Solar by 30.0% in the 2nd quarter. C M Bidwell & Associates Ltd. now owns 4,530 shares of the solar energy provider’s stock valued at $99,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Advisor Group Inc. lifted its stake in shares of Canadian Solar by 14.7% in the 2nd quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock valued at $107,000 after acquiring an additional 629 shares during the last quarter. 41.10% of the stock is currently owned by hedge funds and other institutional investors.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

Featured Article: What is a Futures Contract?

Earnings History for Canadian Solar (NASDAQ:CSIQ)

Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.