Q4 2022 Earnings Estimate for Canadian Solar Inc. Issued By Oppenheimer (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQGet Rating) – Analysts at Oppenheimer decreased their Q4 2022 earnings estimates for Canadian Solar in a report issued on Tuesday, November 22nd. Oppenheimer analyst C. Rusch now forecasts that the solar energy provider will post earnings per share of $0.31 for the quarter, down from their prior estimate of $0.42. The consensus estimate for Canadian Solar’s current full-year earnings is $2.66 per share. Oppenheimer also issued estimates for Canadian Solar’s FY2023 earnings at $5.67 EPS.

Several other research firms also recently weighed in on CSIQ. JPMorgan Chase & Co. reduced 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 note on Thursday, October 20th. The Goldman Sachs Group downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $43.00 to $38.00 in a research note on Wednesday, September 7th. Roth Capital restated a “buy” rating on shares of Canadian Solar in a research report on Wednesday. Finally, StockNews.com started coverage on shares of Canadian Solar in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $41.67.

Canadian Solar Price Performance

CSIQ opened at $37.01 on Thursday. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 13.61 and a beta of 1.28. The company has a quick ratio of 0.86, a current ratio of 1.20 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $34.74 and a 200-day moving average price of $34.76. Canadian Solar has a twelve month low of $22.15 and a twelve month high of $47.69.

Canadian Solar (NASDAQ:CSIQGet Rating) last posted its quarterly earnings data on Tuesday, November 22nd. The solar energy provider reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.54. The business 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 2.68% and a return on equity of 8.11%. The firm’s quarterly revenue was up 57.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.42 earnings per share.

Hedge Funds Weigh In On Canadian Solar

A number of large investors have recently modified their holdings of CSIQ. abrdn plc boosted its position in shares of Canadian Solar by 69.4% in the first quarter. abrdn plc now owns 41,172 shares of the solar energy provider’s stock valued at $1,456,000 after acquiring an additional 16,865 shares during the period. Stephens Inc. AR bought a new stake in Canadian Solar during the first quarter valued at approximately $532,000. Advisor Group Holdings Inc. lifted its position in Canadian Solar by 40.5% during the first quarter. Advisor Group Holdings Inc. now owns 18,078 shares of the solar energy provider’s stock valued at $706,000 after purchasing an additional 5,209 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Canadian Solar by 101.2% during the first quarter. Russell Investments Group Ltd. now owns 145,625 shares of the solar energy provider’s stock valued at $5,149,000 after purchasing an additional 73,237 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in Canadian Solar by 34.2% during the first quarter. National Bank of Canada FI now owns 34,818 shares of the solar energy provider’s stock valued at $1,229,000 after purchasing an additional 8,875 shares during the last quarter. 50.21% of the stock is currently owned by institutional investors.

About Canadian Solar

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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.

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