Brokerages Anticipate Canadian Solar Inc. (CSIQ) Will Announce Quarterly Sales of $622.82 Million

Equities research analysts expect that Canadian Solar Inc. (NASDAQ:CSIQ) will report sales of $622.82 million for the current quarter, Zacks reports. Four analysts have provided estimates for Canadian Solar’s earnings, with estimates ranging from $620.00 million to $624.50 million. Canadian Solar reported sales of $805.91 million in the same quarter last year, which indicates a negative year over year growth rate of 22.7%. The business is expected to announce its next earnings results on Thursday, August 17th.

On average, analysts expect that Canadian Solar will report full year sales of $622.82 million for the current year, with estimates ranging from $3.58 billion to $4.43 billion. For the next financial year, analysts forecast that the firm will report sales of $3.57 billion per share, with estimates ranging from $3.25 billion to $3.93 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Tuesday, June 6th. The solar energy provider reported ($0.10) earnings per share for the quarter, missing the consensus estimate of $0.04 by $0.14. Canadian Solar had a return on equity of 15.60% and a net margin of 4.26%. The business had revenue of $677 million for the quarter, compared to analyst estimates of $580.45 million. During the same period last year, the business posted $0.39 EPS. Canadian Solar’s revenue was down 6.2% on a year-over-year basis.

Several equities analysts have weighed in on CSIQ shares. Cowen and Company raised their target price on Canadian Solar from $10.00 to $13.00 and gave the company a “market perform” rating in a report on Wednesday. Roth Capital set a $12.00 price objective on Canadian Solar and gave the stock a “hold” rating in a research note on Wednesday, March 22nd. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $31.00 price objective on shares of Canadian Solar in a research note on Thursday, April 20th. FBR & Co reiterated a “mkt perform” rating and issued a $13.00 price objective (up from $12.00) on shares of Canadian Solar in a research note on Wednesday, March 22nd. Finally, JPMorgan Chase & Co. dropped their price objective on Canadian Solar from $16.00 to $14.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 22nd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $16.20.

Shares of Canadian Solar (NASDAQ:CSIQ) traded down 0.16% during midday trading on Friday, hitting $12.86. The stock had a trading volume of 622,530 shares. The stock has a 50 day moving average of $13.20 and a 200-day moving average of $12.82. Canadian Solar has a one year low of $10.25 and a one year high of $17.62. The company has a market cap of $743.72 million, a P/E ratio of 11.48 and a beta of 2.78.

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A number of large investors have recently added to or reduced their stakes in CSIQ. Quentec Asset Management LLC increased its stake in Canadian Solar by 55.9% in the third quarter. Quentec Asset Management LLC now owns 1,598,228 shares of the solar energy provider’s stock worth $21,960,000 after buying an additional 572,963 shares during the period. SG Americas Securities LLC increased its stake in Canadian Solar by 194.4% in the first quarter. SG Americas Securities LLC now owns 171,985 shares of the solar energy provider’s stock worth $2,110,000 after buying an additional 113,569 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in Canadian Solar during the fourth quarter worth $974,000. Bank of America Corp DE increased its stake in Canadian Solar by 10.2% in the first quarter. Bank of America Corp DE now owns 492,227 shares of the solar energy provider’s stock worth $6,040,000 after buying an additional 45,650 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Canadian Solar during the fourth quarter worth $382,000. 36.88% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:CSIQ”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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