Canadian Solar (NASDAQ:CSIQ) Posts Earnings Results, Beats Estimates By $0.20 EPS

Canadian Solar (NASDAQ:CSIQ) announced its quarterly earnings data on Thursday. The solar energy provider reported $0.19 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.20, RTT News reports. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter last year, the business earned $1.19 earnings per share. The business’s revenue for the quarter was down 21.1% compared to the same quarter last year. Canadian Solar updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Canadian Solar Trading Down 0.8 %

Shares of Canadian Solar stock traded down $0.14 during trading hours on Thursday, reaching $17.46. 2,761,024 shares of the company’s stock were exchanged, compared to its average volume of 1,457,255. Canadian Solar has a 52-week low of $14.11 and a 52-week high of $45.29. The company has a fifty day moving average of $17.93 and a 200-day moving average of $20.78. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 4.54, a price-to-earnings-growth ratio of 0.26 and a beta of 1.29.

Analyst Ratings Changes

CSIQ has been the topic of several research analyst reports. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Citigroup decreased their target price on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. The Goldman Sachs Group dropped their price target on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Daiwa Capital Markets began coverage on shares of Canadian Solar in a research report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price objective on the stock. Finally, Wells Fargo & Company dropped their target price on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $31.78.

Canadian Solar Company Profile

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.