Canadian Solar (NASDAQ:CSIQ) Posts Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Canadian Solar (NASDAQ:CSIQ) released its earnings results on Thursday. The solar energy provider reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.20, RTT News reports. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.35 billion. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The firm’s quarterly revenue was down 21.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.19 earnings per share. Canadian Solar updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Canadian Solar Stock Performance

Shares of CSIQ stock traded down $0.17 on Thursday, reaching $17.43. The stock had a trading volume of 3,433,141 shares, compared to its average volume of 1,463,729. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. Canadian Solar has a 12 month low of $14.11 and a 12 month high of $45.29. The firm’s 50-day moving average is $17.93 and its two-hundred day moving average is $20.78. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 4.54, a P/E/G ratio of 0.26 and a beta of 1.29.

Analysts Set New Price Targets

Several brokerages recently weighed in on CSIQ. Daiwa Capital Markets began coverage on shares of Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price objective on the stock. Citigroup reduced their price target on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Wells Fargo & Company cut their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 19th. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group reduced their price objective on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and an average price target of $31.78.

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.