Canadian Solar Inc. (NASDAQ:CSIQ) shares saw unusually-high trading volume on Thursday following a better than expected earnings announcement. Approximately 4,331,971 shares traded hands during mid-day trading, an increase of 426% from the previous session’s volume of 823,957 shares.The stock last traded at $23.08 and had previously closed at $20.60.
The solar energy provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.54. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $990.29 million. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The company’s quarterly revenue was up 59.4% on a year-over-year basis. During the same quarter last year, the business earned $0.26 earnings per share.
CSIQ has been the subject of a number of research reports. ValuEngine lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. set a $25.00 target price on shares of Canadian Solar and gave the stock a “hold” rating in a research report on Friday, June 21st. Zacks Investment Research upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research report on Thursday, June 20th. Finally, BidaskClub upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating in a research report on Saturday, August 3rd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $22.50.
Hedge funds have recently added to or reduced their stakes in the company. Financial Gravity Wealth Inc. bought a new position in shares of Canadian Solar in the first quarter valued at approximately $26,000. Bank of Montreal Can boosted its position in shares of Canadian Solar by 59.4% in the second quarter. Bank of Montreal Can now owns 2,951 shares of the solar energy provider’s stock valued at $65,000 after acquiring an additional 1,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Canadian Solar in the second quarter valued at approximately $68,000. C M Bidwell & Associates Ltd. boosted its position in shares of Canadian Solar by 30.0% in the second quarter. C M Bidwell & Associates Ltd. now owns 4,530 shares of the solar energy provider’s stock valued at $99,000 after acquiring an additional 1,045 shares during the period. Finally, Advisor Group Inc. boosted its position in shares of Canadian Solar by 14.7% in the second quarter. Advisor Group Inc. now owns 4,896 shares of the solar energy provider’s stock valued at $107,000 after acquiring an additional 629 shares during the period. Institutional investors own 41.10% of the company’s stock.
The business’s 50-day moving average price is $21.37 and its 200 day moving average price is $20.76. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.26 billion, a P/E ratio of 7.04, a price-to-earnings-growth ratio of 0.27 and a beta of 2.22.
About Canadian Solar (NASDAQ:CSIQ)
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.
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