Canadian Solar (NASDAQ:CSIQ) Issues Quarterly Earnings Results

Canadian Solar (NASDAQ:CSIQ) announced its quarterly earnings results on Thursday. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22), FiscalAI reports. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The company had revenue of $1.21 billion during the quarter, compared to analysts’ expectations of $1.17 billion.

Canadian Solar Stock Performance

Shares of CSIQ opened at $13.87 on Thursday. The stock has a market capitalization of $941.77 million, a P/E ratio of -5.50 and a beta of 1.52. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. Canadian Solar has a 1 year low of $9.41 and a 1 year high of $34.59. The company’s fifty day moving average is $15.06 and its two-hundred day moving average is $16.15.

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Canadian Solar by 7.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock worth $63,000 after purchasing an additional 312 shares during the period. LPL Financial LLC increased its position in Canadian Solar by 16.7% during the 4th quarter. LPL Financial LLC now owns 15,525 shares of the solar energy provider’s stock worth $369,000 after purchasing an additional 2,219 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in Canadian Solar by 38.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 8,094 shares of the solar energy provider’s stock valued at $89,000 after buying an additional 2,254 shares during the period. Quarry LP acquired a new position in Canadian Solar during the fourth quarter valued at approximately $54,000. Finally, Caitong International Asset Management Co. Ltd lifted its position in Canadian Solar by 335.1% during the third quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock valued at $42,000 after buying an additional 2,463 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CSIQ. Freedom Capital downgraded shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 19th. Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Citigroup upgraded shares of Canadian Solar from a “sell” rating to a “neutral” rating and upped their price objective for the company from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Finally, Mizuho raised their price objective on Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, June 15th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $19.36.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.