Canadian Solar Inc. Forecasted to Earn Q3 2024 Earnings of ($0.50) Per Share (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) – Zacks Research issued their Q3 2024 EPS estimates for Canadian Solar in a report issued on Thursday, September 12th. Zacks Research analyst R. Department expects that the solar energy provider will post earnings per share of ($0.50) for the quarter. The consensus estimate for Canadian Solar’s current full-year earnings is $0.15 per share. Zacks Research also issued estimates for Canadian Solar’s Q4 2024 earnings at $0.32 EPS, FY2024 earnings at $0.03 EPS, Q1 2025 earnings at ($0.38) EPS, Q2 2025 earnings at ($0.01) EPS, Q3 2025 earnings at $0.47 EPS, FY2025 earnings at $0.85 EPS, Q1 2026 earnings at $0.11 EPS, Q2 2026 earnings at $0.07 EPS and FY2026 earnings at $2.02 EPS.

A number of other equities analysts also recently commented on the company. StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. The Goldman Sachs Group decreased their price target on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, August 26th. JPMorgan Chase & Co. lifted their target price on Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Tuesday, July 16th. Glj Research boosted their price objective on Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research note on Tuesday, July 30th. Finally, Oppenheimer decreased their target price on Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research report on Friday, August 23rd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $23.33.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $13.98 on Monday. The company has a 50 day moving average of $14.53 and a 200 day moving average of $16.44. The stock has a market cap of $924.90 million, a P/E ratio of 4.85, a P/E/G ratio of 3.61 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. Canadian Solar has a 12 month low of $11.41 and a 12 month high of $28.18.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.58 billion. During the same period in the prior year, the business earned $2.39 EPS. The firm’s revenue for the quarter was down 30.8% on a year-over-year basis.

Institutional Trading of Canadian Solar

Several large investors have recently modified their holdings of the business. Green Alpha Advisors LLC grew its holdings in Canadian Solar by 1.9% in the 1st quarter. Green Alpha Advisors LLC now owns 41,136 shares of the solar energy provider’s stock valued at $813,000 after buying an additional 766 shares during the period. Scotia Capital Inc. lifted its holdings in shares of Canadian Solar by 3.0% in the 4th quarter. Scotia Capital Inc. now owns 39,400 shares of the solar energy provider’s stock worth $1,033,000 after purchasing an additional 1,130 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Canadian Solar by 9.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after purchasing an additional 1,283 shares during the last quarter. American Century Companies Inc. grew its holdings in Canadian Solar by 8.0% in the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock worth $276,000 after buying an additional 1,383 shares in the last quarter. Finally, Quarry LP bought a new position in Canadian Solar in the 2nd quarter valued at about $31,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.