Wall Street analysts expect that Canadian Solar Inc. (NASDAQ:CSIQ) will announce sales of $990.44 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Canadian Solar’s earnings. The lowest sales estimate is $986.00 million and the highest is $995.32 million. Canadian Solar reported sales of $650.59 million during the same quarter last year, which indicates a positive year over year growth rate of 52.2%. The company is expected to announce its next earnings report before the market opens on Thursday, August 15th.

According to Zacks, analysts expect that Canadian Solar will report full year sales of $3.70 billion for the current financial year, with estimates ranging from $3.67 billion to $3.73 billion. For the next financial year, analysts expect that the business will post sales of $4.02 billion, with estimates ranging from $3.87 billion to $4.25 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 15th. The solar energy provider reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.54. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $990.29 million. During the same period last year, the firm earned $0.26 EPS. The business’s quarterly revenue was up 59.4% compared to the same quarter last year.

Several research firms have weighed in on CSIQ. Zacks Investment Research raised shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Thursday, June 20th. ValuEngine downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. set a $25.00 price target on shares of Canadian Solar and gave the stock a “hold” rating in a research note on Friday, June 21st. Finally, BidaskClub raised shares of Canadian Solar from a “hold” rating to a “buy” rating in a research note on Saturday, August 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $22.50.

Shares of NASDAQ CSIQ traded up $2.48 during mid-day trading on Thursday, reaching $23.08. 4,331,971 shares of the company were exchanged, compared to its average volume of 823,957. Canadian Solar has a 52 week low of $12.69 and a 52 week high of $25.89. 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 stock has a market capitalization of $1.26 billion, a PE ratio of 7.04, a PEG ratio of 0.27 and a beta of 2.22. The company’s 50 day moving average price is $21.37 and its 200 day moving average price is $20.76.

Several hedge funds have recently added to or reduced their stakes in CSIQ. Cambridge Investment Research Advisors Inc. increased its holdings in Canadian Solar by 12.6% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 36,069 shares of the solar energy provider’s stock valued at $787,000 after buying an additional 4,031 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Canadian Solar in the second quarter worth $427,000. Morgan Stanley increased its stake in shares of Canadian Solar by 3.0% in the second quarter. Morgan Stanley now owns 3,113,501 shares of the solar energy provider’s stock worth $67,967,000 after purchasing an additional 91,677 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Canadian Solar by 5.4% in the second quarter. Vanguard Group Inc. now owns 1,615,283 shares of the solar energy provider’s stock worth $35,261,000 after purchasing an additional 82,778 shares in the last quarter. Finally, CoreCommodity Management LLC increased its stake in shares of Canadian Solar by 5.2% in the second quarter. CoreCommodity Management LLC now owns 34,452 shares of the solar energy provider’s stock worth $752,000 after purchasing an additional 1,709 shares in the last quarter. Hedge funds and other institutional investors own 41.10% of the company’s stock.

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.

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