Cormark lowered shares of Carmanah Technologies (TSE:CMH) from a buy rating to a market perform rating in a research report sent to investors on Friday. Cormark currently has C$5.30 price objective on the stock, down from their previous price objective of C$6.00.
Shares of Carmanah Technologies opened at C$4.30 on Friday, MarketBeat reports. Carmanah Technologies has a 52-week low of C$3.88 and a 52-week high of C$4.99.
Carmanah Technologies (TSE:CMH) last announced its earnings results on Thursday, May 10th. The company reported C$0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of C$0.03 by C$0.01. Carmanah Technologies had a return on equity of 1.61% and a net margin of 2.19%. The business had revenue of C$18.89 million for the quarter, compared to analyst estimates of C$16.14 million.
Carmanah Technologies Corporation designs, develops, and distributes products focused on energy optimized light LED solutions for infrastructure worldwide. It operates in Signals and Illumination segments. The Signals segment provides solar LED flashing beacons, including pedestrian crosswalk signals, school zone flashers, and 24-hr roadway beacons for various roadway applications; a range of marine lighting solutions to coast guards, marine authorities, navies, and ports; and LED aviation lighting solutions, such as approach lightings, apron lightings, and solar and hybrid power systems.
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