$470.45 Million in Sales Expected for Canadian Solar Inc. (CSIQ) This Quarter

Equities research analysts predict that Canadian Solar Inc. (NASDAQ:CSIQ) will post sales of $470.45 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Canadian Solar’s earnings, with the lowest sales estimate coming in at $465.90 million and the highest estimate coming in at $475.00 million. Canadian Solar reported sales of $1.42 billion in the same quarter last year, which indicates a negative year over year growth rate of 66.9%. The business is expected to announce its next earnings report on Wednesday, May 15th.

On average, analysts expect that Canadian Solar will report full year sales of $3.64 billion for the current year, with estimates ranging from $3.60 billion to $3.69 billion. For the next fiscal year, analysts anticipate that the business will post sales of $4.13 billion, with estimates ranging from $4.01 billion to $4.26 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that follow Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, March 21st. The solar energy provider reported $1.61 EPS for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.74. The company had revenue of $901.00 million for the quarter, compared to analysts’ expectations of $872.02 million. Canadian Solar had a return on equity of 18.40% and a net margin of 6.33%. The firm’s quarterly revenue was down 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.01 earnings per share.

A number of brokerages have commented on CSIQ. Zacks Investment Research cut Canadian Solar from a “buy” rating to a “hold” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. initiated coverage on Canadian Solar in a research report on Thursday, April 11th. They set a “neutral” rating and a $22.00 target price on the stock. ValuEngine lowered Canadian Solar from a “buy” rating to a “hold” rating in a research report on Thursday, March 21st. Standpoint Research lowered Canadian Solar from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. Finally, Cascend Securities raised Canadian Solar from a “hold” rating to a “buy” rating and lifted their target price for the stock from $21.00 to $27.00 in a research report on Wednesday, February 20th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $21.50.

Shares of CSIQ opened at $18.83 on Tuesday. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 5.74, a P/E/G ratio of 0.23 and a beta of 2.44. Canadian Solar has a 12 month low of $11.37 and a 12 month high of $25.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.95 and a current ratio of 1.04.

Several hedge funds and other institutional investors have recently made changes to their positions in CSIQ. Legal & General Group Plc bought a new stake in Canadian Solar in the third quarter valued at about $49,000. Quantamental Technologies LLC bought a new stake in Canadian Solar in the fourth quarter valued at about $66,000. Tower Research Capital LLC TRC bought a new stake in Canadian Solar in the third quarter valued at about $105,000. Macquarie Group Ltd. bought a new stake in Canadian Solar in the fourth quarter valued at about $118,000. Finally, We Are One Seven LLC bought a new stake in Canadian Solar in the fourth quarter valued at about $120,000. 39.80% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

Recommended Story: How does new data get added to a blockchain?

Get a free copy of the Zacks research report on Canadian Solar (CSIQ)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.