Canadian Solar (NASDAQ:CSIQ) Releases Earnings Results, Beats Estimates By $0.31 EPS

Canadian Solar (NASDAQ:CSIQ – Get Rating) posted its earnings results on Tuesday. The solar energy provider reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.31, MarketWatch Earnings reports. Canadian Solar had a return on equity of 3.63% and a net margin of 1.80%. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the company earned $0.36 earnings per share. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. Canadian Solar updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

NASDAQ:CSIQ opened at $29.19 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.18 and a quick ratio of 0.89. The business has a fifty day simple moving average of $31.34 and a two-hundred day simple moving average of $31.52. Canadian Solar has a 1 year low of $22.15 and a 1 year high of $48.35. The company has a market capitalization of $1.75 billion, a P/E ratio of 20.13 and a beta of 1.47.

A number of research analysts have recently weighed in on CSIQ shares. Citigroup raised their target price on Canadian Solar from $40.00 to $45.00 and gave the company a “buy” rating in a report on Monday, March 28th. Zacks Investment Research raised Canadian Solar from a “sell” rating to a “hold” rating and set a $35.00 price target for the company in a research report on Wednesday, March 2nd. JPMorgan Chase & Co. decreased their price target on Canadian Solar from $41.00 to $39.00 in a research report on Friday, March 18th. Finally, StockNews.com began coverage on Canadian Solar in a research report on Thursday, March 31st. They set a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Canadian Solar presently has a consensus rating of “Hold” and an average price target of $38.00.

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its position in Canadian Solar by 3.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 18,534 shares of the solar energy provider’s stock worth $580,000 after buying an additional 534 shares during the last quarter. Great West Life Assurance Co. Can grew its position in shares of Canadian Solar by 115.7% in the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after purchasing an additional 589 shares in the last quarter. Sei Investments Co. grew its position in shares of Canadian Solar by 1.7% in the first quarter. Sei Investments Co. now owns 56,191 shares of the solar energy provider’s stock valued at $1,987,000 after purchasing an additional 931 shares in the last quarter. Cetera Advisor Networks LLC grew its position in shares of Canadian Solar by 10.2% in the first quarter. Cetera Advisor Networks LLC now owns 11,647 shares of the solar energy provider’s stock valued at $412,000 after purchasing an additional 1,074 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Canadian Solar by 4.1% in the first quarter. American Century Companies Inc. now owns 31,650 shares of the solar energy provider’s stock valued at $1,119,000 after purchasing an additional 1,252 shares in the last quarter. 46.97% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Company Profile (Get Rating)

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products. The company operates through two segments, Module and System Solutions (MSS), and Energy. The MSS segment engages in the design, development, manufacture, and sale of a range of solar power products, including standard solar modules, specialty solar products, and solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories.

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