Canadian Solar (NASDAQ:CSIQ) Issues Earnings Results, Beats Expectations By $0.03 EPS

Canadian Solar (NASDAQ:CSIQ) posted its earnings results on Thursday. The solar energy provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03, Briefing.com reports. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter last year, the firm posted $2.39 EPS. The company’s revenue for the quarter was down 30.8% on a year-over-year basis. Canadian Solar updated its FY 2024 guidance to EPS and its Q3 2024 guidance to EPS.

Canadian Solar Stock Performance

Shares of CSIQ traded up $1.20 during trading hours on Friday, reaching $13.48. 4,196,777 shares of the company traded hands, compared to its average volume of 1,560,552. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. The business has a fifty day moving average price of $15.34 and a 200-day moving average price of $17.50. Canadian Solar has a 12-month low of $12.18 and a 12-month high of $28.72. The stock has a market capitalization of $891.82 million, a P/E ratio of 4.68, a P/E/G ratio of 0.30 and a beta of 1.29.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CSIQ shares. Roth Mkm reissued a “buy” rating and issued a $25.00 price objective on shares of Canadian Solar in a research note on Wednesday, May 22nd. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Glj Research boosted their target price on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price objective on shares of Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 16th. Finally, UBS Group decreased their target price on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $24.63.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.