Canadian Solar (NASDAQ:CSIQ) Announces Quarterly Earnings Results

Canadian Solar (NASDAQ:CSIQ) issued its quarterly earnings data on Thursday. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13, Zacks reports. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a net margin of 0.56% and a return on equity of 0.99%. The business’s revenue was down 18.4% on a year-over-year basis. During the same period last year, the company earned $0.32 earnings per share.

Canadian Solar Stock Performance

Canadian Solar stock opened at $12.07 on Thursday. The firm’s 50 day simple moving average is $13.51 and its 200 day simple moving average is $14.78. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $798.55 million, a PE ratio of 23.67, a price-to-earnings-growth ratio of 1.23 and a beta of 1.29. Canadian Solar has a 1-year low of $10.91 and a 1-year high of $26.85.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CSIQ shares. Jefferies Financial Group started coverage on shares of Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 price objective for the company. The Goldman Sachs Group cut their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, August 26th. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $19.00 to $11.00 in a report on Tuesday, October 22nd. Oppenheimer cut their price target on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 23rd. Finally, Roth Mkm lowered their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $19.94.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.