Zacks: Analysts Anticipate Canadian Solar Inc. (CSIQ) Will Post Quarterly Sales of $806.13 Million

Analysts expect Canadian Solar Inc. (NASDAQ:CSIQ) to announce $806.13 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Canadian Solar’s earnings. The lowest sales estimate is $799.00 million and the highest is $811.71 million. Canadian Solar posted sales of $912.22 million in the same quarter last year, which would indicate a negative year over year growth rate of 11.6%. The firm is scheduled to issue its next quarterly earnings results before the market opens on Thursday, November 15th.

On average, analysts expect that Canadian Solar will report full-year sales of $4.05 billion for the current financial year, with estimates ranging from $4.00 billion to $4.12 billion. For the next fiscal year, analysts anticipate that the business will report sales of $4.12 billion, with estimates ranging from $3.62 billion to $4.65 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Tuesday, August 14th. The solar energy provider reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01). Canadian Solar had a return on equity of 12.44% and a net margin of 3.26%. The company had revenue of $650.10 million for the quarter, compared to the consensus estimate of $711.53 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The business’s revenue for the quarter was down 6.1% compared to the same quarter last year.

CSIQ has been the topic of a number of analyst reports. ValuEngine raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Friday, September 7th. JPMorgan Chase & Co. cut shares of Canadian Solar from a “neutral” rating to an “underweight” rating and set a $15.00 target price on the stock. in a research note on Monday, October 22nd. They noted that the move was a valuation call. Zacks Investment Research raised shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Thursday, August 16th. B. Riley lowered their target price on shares of Canadian Solar from $18.00 to $17.00 and set a “hold” rating on the stock in a research note on Thursday, August 23rd. Finally, BidaskClub raised shares of Canadian Solar from a “hold” rating to a “buy” rating in a research note on Friday, August 3rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $17.67.

NASDAQ CSIQ traded down $0.10 on Tuesday, reaching $14.22. The company’s stock had a trading volume of 18,992 shares, compared to its average volume of 851,190. The stock has a market cap of $799.28 million, a P/E ratio of 13.63, a PEG ratio of 0.31 and a beta of 1.83. Canadian Solar has a 52 week low of $11.37 and a 52 week high of $18.52. The company has a quick ratio of 0.84, a current ratio of 0.93 and a debt-to-equity ratio of 0.20.

Institutional investors have recently modified their holdings of the business. Sei Investments Co. grew its stake in Canadian Solar by 467.8% during the second quarter. Sei Investments Co. now owns 11,549 shares of the solar energy provider’s stock worth $141,000 after buying an additional 9,515 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in Canadian Solar during the second quarter worth about $145,000. Engineers Gate Manager LP bought a new stake in Canadian Solar during the third quarter worth about $161,000. Cambridge Investment Research Advisors Inc. bought a new stake in Canadian Solar during the third quarter worth about $330,000. Finally, Moody National Bank Trust Division grew its stake in Canadian Solar by 120.4% during the third quarter. Moody National Bank Trust Division now owns 24,320 shares of the solar energy provider’s stock worth $353,000 after buying an additional 13,285 shares during the last quarter. 36.51% of the stock is currently owned by hedge funds and other institutional investors.

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 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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Earnings History and Estimates for Canadian Solar (NASDAQ:CSIQ)

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