Canadian Solar (NASDAQ:CSIQ) Issues Earnings Results, Beats Expectations By $0.31 EPS

Canadian Solar (NASDAQ:CSIQ – Get Rating) announced its quarterly earnings data on Tuesday. The solar energy provider reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.31, RTT News reports. Canadian Solar had a return on equity of 3.63% and a net margin of 1.80%. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the business posted $0.36 EPS. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. Canadian Solar updated its FY 2022 guidance to EPS and its Q2 2022 guidance to EPS.

Shares of NASDAQ CSIQ opened at $29.14 on Tuesday. Canadian Solar has a 12 month low of $22.15 and a 12 month high of $48.35. The company has a current ratio of 1.18, a quick ratio of 0.89 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 20.10 and a beta of 1.47. The business has a 50-day moving average of $31.49 and a 200-day moving average of $31.55.

CSIQ has been the topic of a number of research reports. Zacks Investment Research upgraded Canadian Solar from a “sell” rating to a “hold” rating and set a $35.00 price objective on the stock in a research note on Wednesday, March 2nd. JPMorgan Chase & Co. decreased their price target on Canadian Solar from $41.00 to $39.00 in a research report on Friday, March 18th. StockNews.com assumed coverage on Canadian Solar in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Citigroup upped their price target on Canadian Solar from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Monday, March 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $40.86.

Several large investors have recently added to or reduced their stakes in CSIQ. BlackRock Inc. raised its holdings in Canadian Solar by 1.4% in the fourth quarter. BlackRock Inc. now owns 4,740,612 shares of the solar energy provider’s stock worth $148,333,000 after purchasing an additional 65,797 shares in the last quarter. Mackenzie Financial Corp grew its stake in shares of Canadian Solar by 3.2% in the first quarter. Mackenzie Financial Corp now owns 2,602,658 shares of the solar energy provider’s stock worth $92,030,000 after acquiring an additional 80,050 shares during the last quarter. State Street Corp grew its stake in shares of Canadian Solar by 41.9% in the fourth quarter. State Street Corp now owns 453,893 shares of the solar energy provider’s stock worth $14,202,000 after acquiring an additional 133,922 shares during the last quarter. Morgan Stanley grew its stake in shares of Canadian Solar by 45.6% in the third quarter. Morgan Stanley now owns 243,004 shares of the solar energy provider’s stock worth $8,405,000 after acquiring an additional 76,063 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in shares of Canadian Solar by 45.3% in the first quarter. BNP Paribas Arbitrage SA now owns 102,456 shares of the solar energy provider’s stock worth $3,623,000 after acquiring an additional 31,928 shares during the last quarter. 46.97% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile (Get Rating)

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products. The company operates through two segments, Module and System Solutions (MSS), and Energy. The MSS segment engages in the design, development, manufacture, and sale of a range of solar power products, including standard solar modules, specialty solar products, and solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories.

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