Canadian Solar (NASDAQ:CSIQ – Get Rating) released its quarterly earnings results on Tuesday. The solar energy provider reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.54, RTT News reports. Canadian Solar had a net margin of 2.68% and a return on equity of 8.11%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the previous year, the business earned $0.42 earnings per share. The firm’s revenue was up 57.2% compared to the same quarter last year. Canadian Solar updated its Q4 2022 guidance to EPS.
Canadian Solar Stock Performance
CSIQ stock opened at $37.01 on Thursday. The company has a quick ratio of 0.86, a current ratio of 1.20 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 13.61 and a beta of 1.28. Canadian Solar has a 12 month low of $22.15 and a 12 month high of $47.69. The firm has a 50 day moving average of $34.81 and a two-hundred day moving average of $34.75.
Institutional Trading of Canadian Solar
Several large investors have recently added to or reduced their stakes in CSIQ. Great West Life Assurance Co. Can grew its position in Canadian Solar by 115.7% in the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock worth $41,000 after acquiring an additional 589 shares in the last quarter. Toroso Investments LLC boosted its holdings in shares of Canadian Solar by 24.2% during the 3rd quarter. Toroso Investments LLC now owns 2,727 shares of the solar energy provider’s stock worth $102,000 after buying an additional 531 shares during the period. Cibc World Market Inc. bought a new stake in shares of Canadian Solar during the 1st quarter worth $272,000. Quantbot Technologies LP boosted its holdings in shares of Canadian Solar by 548.9% during the 1st quarter. Quantbot Technologies LP now owns 7,865 shares of the solar energy provider’s stock worth $278,000 after buying an additional 6,653 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Canadian Solar during the 1st quarter worth $291,000. 50.21% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Canadian Solar Company Profile
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.
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