Canadian Solar (NASDAQ:CSIQ) released its quarterly earnings data on Thursday. The solar energy provider reported $1.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.74, RTT News reports. Canadian Solar had a return on equity of 15.89% and a net margin of 4.73%. The business had revenue of $901.00 million for the quarter, compared to analyst estimates of $872.02 million. During the same quarter in the prior year, the firm posted $1.01 EPS. The business’s quarterly revenue was down 18.7% compared to the same quarter last year. Canadian Solar updated its Q1 2019 guidance to EPS and its FY 2019 guidance to EPS.
Shares of CSIQ stock traded down $0.58 during trading hours on Friday, hitting $18.70. 49,089 shares of the company’s stock were exchanged, compared to its average volume of 830,595. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.83. The company has a market cap of $1.37 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 0.29 and a beta of 2.49. Canadian Solar has a fifty-two week low of $11.37 and a fifty-two week high of $25.89.
Several brokerages have recently weighed in on CSIQ. Cascend Securities raised Canadian Solar from a “hold” rating to a “buy” rating and upped their target price for the stock from $21.00 to $27.00 in a research note on Wednesday, February 20th. ValuEngine raised Canadian Solar from a “sell” rating to a “hold” rating in a research note on Tuesday, November 27th. BidaskClub downgraded Canadian Solar from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 27th. Finally, Standpoint Research downgraded Canadian Solar from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $19.67.
Several hedge funds have recently made changes to their positions in CSIQ. Legal & General Group Plc acquired a new position in Canadian Solar in the 3rd quarter valued at $49,000. Quantamental Technologies LLC acquired a new position in Canadian Solar in the 4th quarter valued at $66,000. Tower Research Capital LLC TRC acquired a new position in Canadian Solar in the 3rd quarter valued at $105,000. Macquarie Group Ltd. acquired a new position in Canadian Solar in the 4th quarter valued at $118,000. Finally, We Are One Seven LLC acquired a new position in Canadian Solar in the 4th quarter valued at $120,000. 37.62% of the stock is owned by institutional investors and hedge funds.
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About Canadian Solar
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.
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