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.
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.
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