Canadian Solar Inc. (NASDAQ:CSIQ) – Equities researchers at B. Riley upped their Q2 2019 earnings per share (EPS) estimates for shares of Canadian Solar in a report released on Wednesday, August 15th. B. Riley analyst C. Driscoll now expects that the solar energy provider will earn $0.26 per share for the quarter, up from their prior estimate of $0.07. B. Riley has a “Hold” rating and a $18.00 price target on the stock. B. Riley also issued estimates for Canadian Solar’s FY2019 earnings at $2.02 EPS.
A number of other research firms also recently commented on CSIQ. Zacks Investment Research downgraded shares of Canadian Solar from a “buy” rating to a “hold” rating in a research report on Friday. ValuEngine downgraded shares of Canadian Solar from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. BidaskClub upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating in a research report on Friday, August 3rd. Finally, JPMorgan Chase & Co. upgraded shares of Canadian Solar from an “underweight” rating to a “neutral” rating and dropped their price target for the stock from $17.00 to $15.00 in a research report on Thursday, June 7th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.40.
CSIQ stock opened at $13.11 on Monday. Canadian Solar has a 52 week low of $11.37 and a 52 week high of $19.09. The stock has a market cap of $828.28 million, a price-to-earnings ratio of 12.61, a P/E/G ratio of 0.29 and a beta of 2.47. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.83 and a current ratio of 0.94.
Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Tuesday, August 14th. The solar energy provider reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). Canadian Solar had a return on equity of 10.51% and a net margin of 3.78%. The company had revenue of $650.10 million for the quarter, compared to the consensus estimate of $711.53 million. During the same quarter last year, the firm posted $0.63 earnings per share. The firm’s quarterly revenue was down 6.1% compared to the same quarter last year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sei Investments Co. raised its holdings in shares of Canadian Solar by 467.8% in the 2nd quarter. Sei Investments Co. now owns 11,549 shares of the solar energy provider’s stock worth $141,000 after purchasing an additional 9,515 shares in the last quarter. Belpointe Asset Management LLC bought a new stake in shares of Canadian Solar in the 2nd quarter worth approximately $145,000. Bayesian Capital Management LP bought a new stake in shares of Canadian Solar in the 1st quarter worth approximately $303,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Canadian Solar in the 1st quarter worth approximately $318,000. Finally, Guinness Asset Management Ltd raised its holdings in shares of Canadian Solar by 30.0% in the 2nd quarter. Guinness Asset Management Ltd now owns 30,800 shares of the solar energy provider’s stock worth $377,000 after purchasing an additional 7,100 shares in the last quarter. Institutional investors and hedge funds own 36.75% of the company’s stock.
About Canadian Solar
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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