Canadian Solar (NASDAQ:CSIQ) Announces Earnings Results

Canadian Solar (NASDAQ:CSIQGet 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

Hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. raised its position in Canadian Solar by 82.5% in the third quarter. Envestnet Asset Management Inc. now owns 20,110 shares of the solar energy provider’s stock valued at $749,000 after purchasing an additional 9,088 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Canadian Solar in the first quarter valued at about $664,000. Royal Bank of Canada increased its position in shares of Canadian Solar by 22.6% during the third quarter. Royal Bank of Canada now owns 17,469 shares of the solar energy provider’s stock worth $650,000 after acquiring an additional 3,224 shares during the last quarter. Vident Investment Advisory LLC increased its position in shares of Canadian Solar by 29.1% during the first quarter. Vident Investment Advisory LLC now owns 17,520 shares of the solar energy provider’s stock worth $620,000 after acquiring an additional 3,948 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its position in shares of Canadian Solar by 58.2% during the first quarter. Advisors Asset Management Inc. now owns 16,270 shares of the solar energy provider’s stock worth $575,000 after acquiring an additional 5,985 shares during the last quarter. 50.21% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile

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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.

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Earnings History for Canadian Solar (NASDAQ:CSIQ)

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