Canadian Solar (NASDAQ:CSIQ) Issues Earnings Results, Misses Expectations By $0.22 EPS
Canadian Solar (NASDAQ:CSIQ) announced its quarterly earnings results on Tuesday. The solar energy provider reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.22), RTT News reports. Canadian Solar had a return on equity of 14.80% and a net margin of 7.01%. The business had revenue of $759.90 million during the quarter, compared to analysts’ expectations of $799.55 million. During the same period in the previous year, the business earned $1.09 EPS. The business’s revenue was down 1.1% compared to the same quarter last year.
Shares of Canadian Solar stock opened at $17.51 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.87 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $1.00 billion, a P/E ratio of 5.34, a P/E/G ratio of 0.18 and a beta of 2.02. The business has a fifty day simple moving average of $18.31 and a two-hundred day simple moving average of $20.40. Canadian Solar has a 12 month low of $13.24 and a 12 month high of $25.89.
A number of brokerages recently commented on CSIQ. Roth Capital raised their price target on Canadian Solar from $27.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. BidaskClub lowered Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Saturday, November 2nd. ValuEngine lowered Canadian Solar from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 10th. Finally, Cascend Securities reissued a “buy” rating and set a $30.00 price objective (up previously from $25.00) on shares of Canadian Solar in a research report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $25.50.
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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