Canadian Solar Inc. to Post FY2023 Earnings of $5.46 Per Share, Oppenheimer Forecasts (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQGet Rating) – Research analysts at Oppenheimer raised their FY2023 earnings per share estimates for Canadian Solar in a note issued to investors on Tuesday, May 24th. Oppenheimer analyst C. Rusch now expects that the solar energy provider will earn $5.46 per share for the year, up from their previous estimate of $5.37.

A number of other analysts have also recently commented on CSIQ. Citigroup upped their price target on Canadian Solar from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, March 28th. StockNews.com assumed coverage on Canadian Solar in a research report on Thursday, March 31st. They issued a “hold” rating for the company. JPMorgan Chase & Co. reduced their price target on Canadian Solar from $41.00 to $39.00 in a research report on Friday, March 18th. Finally, Zacks Investment Research upgraded Canadian Solar from a “sell” rating to a “hold” rating and set a $35.00 price target for the company in a research report on Wednesday, March 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Canadian Solar currently has an average rating of “Hold” and a consensus price target of $38.00.

Shares of CSIQ opened at $29.19 on Thursday. The company has a quick ratio of 0.89, a current ratio of 1.18 and a debt-to-equity ratio of 0.35. The business has a 50-day simple moving average of $31.34 and a two-hundred day simple moving average of $31.52. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 20.13 and a beta of 1.47. Canadian Solar has a 52 week low of $22.15 and a 52 week high of $48.35.

Canadian Solar (NASDAQ:CSIQGet Rating) last posted its quarterly earnings data on Tuesday, May 24th. The solar energy provider reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.31. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Canadian Solar had a return on equity of 3.63% and a net margin of 1.80%. Canadian Solar’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 earnings per share.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Great West Life Assurance Co. Can grew its holdings in Canadian Solar by 115.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after buying an additional 589 shares in the last quarter. FinTrust Capital Advisors LLC purchased a new position in Canadian Solar during the 1st quarter valued at approximately $40,000. Gordian Capital Singapore Pte Ltd purchased a new position in Canadian Solar during the 4th quarter valued at approximately $72,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Canadian Solar by 26.6% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,421 shares of the solar energy provider’s stock valued at $120,000 after buying an additional 719 shares in the last quarter. Finally, Fulcrum Asset Management LLP purchased a new position in Canadian Solar during the 4th quarter valued at approximately $132,000. 46.97% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Company Profile (Get Rating)

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products. The company operates through two segments, Module and System Solutions (MSS), and Energy. The MSS segment engages in the design, development, manufacture, and sale of a range of solar power products, including standard solar modules, specialty solar products, and solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories.

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