-$0.04 EPS Expected for Canadian Solar Inc. (NASDAQ:CSIQ) This Quarter

Wall Street brokerages predict that Canadian Solar Inc. (NASDAQ:CSIQ) will post earnings per share (EPS) of ($0.04) for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Canadian Solar’s earnings, with the lowest EPS estimate coming in at ($0.24) and the highest estimate coming in at $0.07. Canadian Solar reported earnings per share of $0.66 in the same quarter last year, which suggests a negative year over year growth rate of 106.1%. The company is expected to issue its next quarterly earnings results on Tuesday, November 10th.

On average, analysts expect that Canadian Solar will report full year earnings of $2.60 per share for the current year, with EPS estimates ranging from $2.43 to $2.77. For the next financial year, analysts anticipate that the firm will post earnings of $3.72 per share, with EPS estimates ranging from $3.20 to $4.67. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Friday, August 7th. The solar energy provider reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.13. The firm had revenue of $695.50 million during the quarter, compared to analyst estimates of $662.94 million. Canadian Solar had a return on equity of 13.22% and a net margin of 8.04%. Canadian Solar’s quarterly revenue was down 32.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.04 earnings per share.

CSIQ has been the subject of several research analyst reports. ValuEngine raised Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Monday, August 3rd. BidaskClub raised Canadian Solar from a “hold” rating to a “buy” rating in a report on Tuesday, September 1st. Oppenheimer reaffirmed a “buy” rating and set a $33.00 target price on shares of Canadian Solar in a report on Friday, August 7th. Cfra raised Canadian Solar from a “hold” rating to a “buy” rating and upped their target price for the company from $20.00 to $22.00 in a report on Friday, May 29th. Finally, JPMorgan Chase & Co. upped their target price on Canadian Solar from $24.00 to $28.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $27.80.

Canadian Solar stock traded up $2.28 during midday trading on Friday, hitting $32.18. The stock had a trading volume of 2,775,196 shares, compared to its average volume of 1,153,660. The company has a current ratio of 1.15, a quick ratio of 0.95 and a debt-to-equity ratio of 0.37. The stock has a market cap of $1.91 billion, a P/E ratio of 7.55, a P/E/G ratio of 0.49 and a beta of 1.68. Canadian Solar has a 12 month low of $12.00 and a 12 month high of $34.87. The business has a fifty day moving average price of $28.42 and a 200 day moving average price of $21.10.

Hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. boosted its position in shares of Canadian Solar by 35.8% during the first quarter. Invesco Ltd. now owns 1,715,773 shares of the solar energy provider’s stock worth $27,298,000 after buying an additional 452,745 shares during the period. Morgan Stanley boosted its position in shares of Canadian Solar by 16.3% during the first quarter. Morgan Stanley now owns 2,031,349 shares of the solar energy provider’s stock worth $32,319,000 after buying an additional 284,991 shares during the period. BlackRock Inc. boosted its position in shares of Canadian Solar by 56.3% during the first quarter. BlackRock Inc. now owns 2,401,848 shares of the solar energy provider’s stock worth $38,213,000 after buying an additional 865,128 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of Canadian Solar by 157.0% during the first quarter. BNP Paribas Arbitrage SA now owns 75,159 shares of the solar energy provider’s stock worth $1,196,000 after buying an additional 45,915 shares during the period. Finally, AXA acquired a new position in shares of Canadian Solar during the first quarter worth approximately $643,000. Institutional investors and hedge funds own 38.82% of the company’s stock.

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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