$990.44 Million in Sales Expected for Canadian Solar Inc. (NASDAQ:CSIQ) This Quarter

Equities analysts predict that Canadian Solar Inc. (NASDAQ:CSIQ) will post sales of $990.44 million for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Canadian Solar’s earnings, with the highest sales estimate coming in at $995.32 million and the lowest estimate coming in at $986.00 million. Canadian Solar reported sales of $650.59 million during the same quarter last year, which indicates a positive year-over-year growth rate of 52.2%. The business is scheduled to issue its next quarterly earnings results before the market opens on Thursday, August 15th.

On average, analysts expect that Canadian Solar will report full year sales of $3.70 billion for the current financial year, with estimates ranging from $3.67 billion to $3.73 billion. For the next fiscal year, analysts anticipate that the company will report sales of $4.02 billion, with estimates ranging from $3.87 billion to $4.25 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, August 15th. The solar energy provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.54. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $990.29 million. During the same quarter in the previous year, the company earned $0.26 EPS. The business’s revenue was up 59.4% on a year-over-year basis.

Several analysts have weighed in on CSIQ shares. ValuEngine cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. set a $25.00 target price on shares of Canadian Solar and gave the company a “hold” rating in a research report on Friday, June 21st. BidaskClub upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating in a research report on Saturday, August 3rd. Finally, Zacks Investment Research upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Thursday, June 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $22.50.

Canadian Solar stock traded up $2.48 during midday trading on Thursday, hitting $23.08. The company’s stock had a trading volume of 4,331,971 shares, compared to its average volume of 823,957. Canadian Solar has a 1-year low of $12.69 and a 1-year high of $25.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.88. The company has a 50-day moving average price of $21.37 and a two-hundred day moving average price of $20.76. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 7.04, a PEG ratio of 0.27 and a beta of 2.22.

Several large investors have recently modified their holdings of CSIQ. Financial Gravity Wealth Inc. acquired a new position in shares of Canadian Solar in the 1st quarter valued at approximately $26,000. Bank of Montreal Can raised its position in shares of Canadian Solar by 59.4% in the 2nd quarter. Bank of Montreal Can now owns 2,951 shares of the solar energy provider’s stock valued at $65,000 after buying an additional 1,100 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Canadian Solar during the 2nd quarter valued at approximately $68,000. C M Bidwell & Associates Ltd. grew its holdings in shares of Canadian Solar by 30.0% during the 2nd quarter. C M Bidwell & Associates Ltd. now owns 4,530 shares of the solar energy provider’s stock valued at $99,000 after purchasing an additional 1,045 shares during the last quarter. Finally, Advisor Group Inc. grew its holdings in shares of Canadian Solar by 14.7% during the 2nd quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock valued at $107,000 after purchasing an additional 629 shares during the last quarter. Institutional investors own 41.10% 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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