Canadian Solar (NASDAQ:CSIQ) Sees Large Volume Increase Following Earnings Beat
Canadian Solar Inc. (NASDAQ:CSIQ) saw an uptick in trading volume on Thursday following a better than expected earnings announcement. 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 (EPS) 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 analysts’ expectations of $990.29 million. Canadian Solar had a return on equity of 12.92% and a net margin of 6.29%. The company’s revenue was up 59.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.26 earnings per share.
A number of brokerages have issued reports on CSIQ. JPMorgan Chase & Co. set a $25.00 target price on Canadian Solar and gave the stock a “hold” rating in a research report on Friday, June 21st. BidaskClub upgraded Canadian Solar from a “hold” rating to a “buy” rating in a report on Saturday, August 3rd. Zacks Investment Research upgraded Canadian Solar from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Thursday, June 20th. Finally, ValuEngine lowered Canadian Solar from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $22.50.
The firm’s 50 day simple moving average is $21.33. 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 cap of $1.26 billion, a price-to-earnings 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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