Brokerages expect that Canadian Solar Inc. (NASDAQ:CSIQ) will announce sales of $579.59 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have made estimates for Canadian Solar’s earnings, with the highest sales estimate coming in at $588.1 million and the lowest estimate coming in at $574 million. Canadian Solar reported sales of $721.42 million during the same quarter last year, which would suggest a negative year over year growth rate of 19.7%. The company is scheduled to issue its next earnings report before the market opens on Tuesday, June 6th.
On average, analysts expect that Canadian Solar will report full-year sales of $579.59 million for the current year, with estimates ranging from $3.76 billion to $4.43 billion. For the next year, analysts anticipate that the company will report sales of $3.58 billion per share, with estimates ranging from $3.25 billion to $3.93 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Tuesday, March 21st. The solar energy provider reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.08. Canadian Solar had a net margin of 4.26% and a return on equity of 15.60%. The firm had revenue of $668.40 million during the quarter, compared to analyst estimates of $698.57 million. During the same period in the previous year, the firm posted $1.05 earnings per share. The company’s quarterly revenue was down 40.3% compared to the same quarter last year.
A number of equities research analysts have issued reports on CSIQ shares. Zacks Investment Research raised shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Tuesday, January 24th. Axiom Securities started coverage on shares of Canadian Solar in a research note on Monday, April 17th. They set a “buy” rating and a $18.00 target price for the company. Roth Capital set a $12.00 target price on shares of Canadian Solar and gave the company a “hold” rating in a research note on Wednesday, March 22nd. FBR & Co reissued a “mkt perform” rating and set a $13.00 target price (up previously from $12.00) on shares of Canadian Solar in a research note on Wednesday, March 22nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Canadian Solar from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Wednesday, March 22nd. Three analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.49.
TRADEMARK VIOLATION NOTICE: This story was first posted by BBNS and is the property of of BBNS. If you are reading this story on another website, it was illegally stolen and republished in violation of U.S. and international copyright & trademark legislation. The original version of this story can be viewed at https://baseballnewssource.com/markets/579-59-million-in-sales-expected-for-canadian-solar-inc-csiq-this-quarter/807776.html.
Canadian Solar (NASDAQ:CSIQ) traded up 3.59% on Friday, reaching $12.98. The company had a trading volume of 1,092,060 shares. The firm has a market capitalization of $750.66 million, a price-to-earnings ratio of 11.59 and a beta of 2.78. Canadian Solar has a 52-week low of $10.25 and a 52-week high of $19.65. The stock’s 50-day moving average price is $13.12 and its 200 day moving average price is $12.76.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Menora Mivtachim Holdings LTD. purchased a new position in shares of Canadian Solar during the fourth quarter valued at approximately $112,000. Wedbush Securities Inc. purchased a new position in shares of Canadian Solar during the first quarter valued at approximately $189,000. Raymond James Financial Services Advisors Inc. increased its position in shares of Canadian Solar by 27.5% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 15,514 shares of the solar energy provider’s stock valued at $189,000 after buying an additional 3,350 shares during the period. State Street Corp increased its position in shares of Canadian Solar by 7.4% in the fourth quarter. State Street Corp now owns 18,931 shares of the solar energy provider’s stock valued at $230,000 after buying an additional 1,307 shares during the period. Finally, Trellus Management Company LLC purchased a new position in shares of Canadian Solar during the first quarter valued at approximately $245,000. Hedge funds and other institutional investors own 36.88% of the company’s stock.
Canadian Solar Company Profile
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Canadian Solar Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar Inc. and related companies with our FREE daily email newsletter.