Canadian Solar (NASDAQ:CSIQ – Get Rating) announced its quarterly earnings results on Tuesday. The solar energy provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.54, RTT News reports. Canadian Solar had a return on equity of 8.11% and a net margin of 2.68%. The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same period last year, the firm posted $0.42 earnings per share. The business’s revenue for the quarter was up 57.2% on a year-over-year basis. Canadian Solar updated its Q4 2022 guidance to EPS.
Canadian Solar Trading Up 2.7 %
CSIQ stock traded up $0.96 during mid-day trading on Thursday, reaching $37.01. The company’s stock had a trading volume of 1,158,896 shares, compared to its average volume of 994,839. The company has a market cap of $2.37 billion, a price-to-earnings ratio of 13.61 and a beta of 1.28. The business’s 50 day moving average price is $34.81 and its 200 day moving average price is $34.75. The company has a current ratio of 1.20, a quick ratio of 0.86 and a debt-to-equity ratio of 0.48. Canadian Solar has a 12 month low of $22.15 and a 12 month high of $47.69.
Institutional Investors Weigh In On Canadian Solar
A number of hedge funds have recently added to or reduced their stakes in CSIQ. Great West Life Assurance Co. Can increased its holdings in 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 worth $41,000 after purchasing an additional 589 shares in the last quarter. Toroso Investments LLC increased its holdings in Canadian Solar by 24.2% in the third quarter. Toroso Investments LLC now owns 2,727 shares of the solar energy provider’s stock worth $102,000 after purchasing an additional 531 shares in the last quarter. Cibc World Market Inc. bought a new stake in Canadian Solar in the first quarter worth approximately $272,000. Quantbot Technologies LP increased its holdings in Canadian Solar by 548.9% in the first quarter. Quantbot Technologies LP now owns 7,865 shares of the solar energy provider’s stock worth $278,000 after purchasing an additional 6,653 shares in the last quarter. Finally, XTX Topco Ltd bought a new stake in Canadian Solar in the first quarter worth approximately $291,000. 50.21% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
About Canadian Solar
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.
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