Canadian Solar (NASDAQ:CSIQ) Shares Gap Up Following Strong Earnings

Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $38.72, but opened at $40.32. Canadian Solar shares last traded at $38.10, with a volume of 832,989 shares changing hands.

The solar energy provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.71. Canadian Solar had a net margin of 3.21% and a return on equity of 11.06%. The business had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter last year, the company earned $0.14 EPS. The business’s revenue was up 36.1% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CSIQ. Citigroup lowered Canadian Solar from a “buy” rating to a “neutral” rating and decreased their target price for the company from $45.00 to $44.00 in a research report on Thursday, March 9th. Wells Fargo & Company increased their target price on Canadian Solar from $33.00 to $46.00 and gave the company an “equal weight” rating in a research report on Thursday, February 9th. The Goldman Sachs Group increased their target price on Canadian Solar from $33.00 to $36.00 in a research report on Monday, January 30th. Finally, StockNews.com started coverage on Canadian Solar in a report on Thursday. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $42.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pinpoint Asset Management Ltd purchased a new position in Canadian Solar in the 1st quarter valued at $244,000. Castleview Partners LLC purchased a new position in shares of Canadian Solar during the 1st quarter worth $64,000. State Street Corp raised its holdings in shares of Canadian Solar by 3.0% during the 1st quarter. State Street Corp now owns 474,777 shares of the solar energy provider’s stock worth $18,901,000 after acquiring an additional 14,036 shares during the period. Graham Capital Management L.P. purchased a new position in shares of Canadian Solar during the 1st quarter worth $797,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Canadian Solar by 275.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 528,597 shares of the solar energy provider’s stock worth $21,043,000 after acquiring an additional 387,866 shares during the period. Hedge funds and other institutional investors own 47.95% of the company’s stock.

Canadian Solar Stock Performance

The company has a current ratio of 1.07, a quick ratio of 0.78 and a debt-to-equity ratio of 0.45. The firm has a fifty day moving average price of $38.19 and a 200 day moving average price of $37.54. The firm has a market cap of $2.58 billion, a PE ratio of 11.68 and a beta of 1.46.

About Canadian Solar

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Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules, provision of solar energy and battery storage solutions, and development of utility-scale solar and battery storage products. It operates through the CSI Solar and Global Energy segments. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.