Canadian Solar (NASDAQ:CSIQ – Get Rating) announced its earnings results on Tuesday. The solar energy provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.54, RTT News reports. The firm had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Canadian Solar had a return on equity of 5.81% and a net margin of 2.29%. Canadian Solar’s quarterly revenue was up 57.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. Canadian Solar updated its Q4 2022 guidance to EPS.
Canadian Solar Trading Up 1.1 %
Shares of CSIQ opened at $36.61 on Tuesday. The stock’s fifty day simple moving average is $35.04 and its 200 day simple moving average is $34.68. The company has a current ratio of 1.20, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48. Canadian Solar has a twelve month low of $22.15 and a twelve month high of $47.69. The firm has a market capitalization of $2.35 billion, a P/E ratio of 17.27 and a beta of 1.28.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on CSIQ shares. StockNews.com started coverage on Canadian Solar in a report on Wednesday, October 12th. They set a “hold” rating on the stock. The Goldman Sachs Group cut Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $43.00 to $38.00 in a report on Wednesday, September 7th. Finally, JPMorgan Chase & Co. cut their target price on Canadian Solar from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, October 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $42.25.
Institutional Inflows and Outflows
Canadian Solar Company Profile
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.
- Get a free copy of the StockNews.com research report on Canadian Solar (CSIQ)
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