Canadian Solar (NASDAQ:CSIQ) Posts Quarterly Earnings Results, Beats Expectations By $0.54 EPS

Canadian Solar (NASDAQ:CSIQGet Rating) announced its quarterly earnings results on Tuesday. The solar energy provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.54, RTT News reports. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $2.07 billion. Canadian Solar had a net margin of 2.29% and a return on equity of 5.81%. The firm’s quarterly revenue was up 57.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.42 earnings per share. Canadian Solar updated its Q4 2022 guidance to EPS.

Canadian Solar Trading Down 1.5 %

Shares of Canadian Solar stock opened at $36.05 on Wednesday. The company’s fifty day simple moving average is $34.92 and its 200-day simple moving average is $34.73. The stock has a market capitalization of $2.31 billion, a PE ratio of 17.00 and a beta of 1.28. Canadian Solar has a 1-year low of $22.15 and a 1-year high of $47.69. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.20 and a quick ratio of 0.86.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Great West Life Assurance Co. Can boosted its stake in shares of Canadian Solar by 115.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock worth $41,000 after acquiring an additional 589 shares during the last quarter. Cibc World Market Inc. purchased a new position in shares of Canadian Solar during the 1st quarter valued at $272,000. Quantbot Technologies LP lifted its stake in shares of Canadian Solar by 548.9% during the 1st quarter. Quantbot Technologies LP now owns 7,865 shares of the solar energy provider’s stock valued at $278,000 after buying an additional 6,653 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Canadian Solar during the 1st quarter valued at $291,000. Finally, Marshall Wace LLP purchased a new position in shares of Canadian Solar during the 3rd quarter valued at $381,000. Hedge funds and other institutional investors own 50.21% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CSIQ shares. StockNews.com assumed coverage on shares of Canadian Solar in a research report on Wednesday, October 12th. They set a “hold” rating for the company. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the stock from $43.00 to $38.00 in a research report on Wednesday, September 7th. Finally, JPMorgan Chase & Co. cut their target price on shares of Canadian Solar from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, October 20th.

Canadian Solar Company Profile

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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.

See Also

Earnings History for Canadian Solar (NASDAQ:CSIQ)

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