Zacks Research Comments on Canadian Solar Inc.’s FY2024 Earnings (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) – Investment analysts at Zacks Research lifted their FY2024 earnings per share (EPS) estimates for shares of Canadian Solar in a note issued to investors on Wednesday, April 17th. Zacks Research analyst R. Department now expects that the solar energy provider will post earnings of $2.27 per share for the year, up from their previous forecast of $2.24. The consensus estimate for Canadian Solar’s current full-year earnings is $2.57 per share. Zacks Research also issued estimates for Canadian Solar’s Q4 2024 earnings at $0.80 EPS, Q1 2025 earnings at $0.60 EPS, Q2 2025 earnings at $0.82 EPS, Q3 2025 earnings at $1.13 EPS, Q4 2025 earnings at $1.08 EPS, FY2025 earnings at $3.63 EPS, Q1 2026 earnings at $0.95 EPS and FY2026 earnings at $5.01 EPS.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.11. The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.69 billion. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The business’s quarterly revenue was down 13.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.11 EPS.

CSIQ has been the subject of several other reports. Daiwa Capital Markets assumed coverage on Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 target price for the company. Citigroup reduced their price objective on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Wells Fargo & Company reduced their price objective on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. Finally, The Goldman Sachs Group reduced their price objective on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $31.78.

Canadian Solar Stock Down 3.9 %

Canadian Solar stock opened at $14.53 on Thursday. Canadian Solar has a fifty-two week low of $14.11 and a fifty-two week high of $45.29. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.04. The company has a market capitalization of $937.33 million, a P/E ratio of 3.74, a PEG ratio of 0.24 and a beta of 1.26. The stock has a 50-day simple moving average of $19.70 and a 200-day simple moving average of $21.41.

Institutional Trading of Canadian Solar

Several large investors have recently modified their holdings of CSIQ. American Century Companies Inc. grew its stake in Canadian Solar by 4.1% in the first quarter. American Century Companies Inc. now owns 31,650 shares of the solar energy provider’s stock worth $1,119,000 after purchasing an additional 1,252 shares in the last quarter. Cetera Advisor Networks LLC boosted its stake in Canadian Solar by 10.2% in the first quarter. Cetera Advisor Networks LLC now owns 11,647 shares of the solar energy provider’s stock valued at $412,000 after acquiring an additional 1,074 shares during the period. Bank of Montreal Can boosted its stake in Canadian Solar by 20.7% in the first quarter. Bank of Montreal Can now owns 11,853 shares of the solar energy provider’s stock valued at $416,000 after acquiring an additional 2,036 shares during the period. Great West Life Assurance Co. Can boosted its stake 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 valued at $41,000 after acquiring an additional 589 shares during the period. Finally, Cibc World Market Inc. acquired a new position in Canadian Solar in the first quarter valued at approximately $272,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

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.