Canadian Solar Inc. Forecasted to Earn FY2024 Earnings of $2.27 Per Share (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) – Equities researchers at Zacks Research raised their FY2024 earnings estimates for shares of Canadian Solar in a report issued on Wednesday, April 17th. Zacks Research analyst R. Department now forecasts that the solar energy provider will post earnings per share of $2.27 for the year, up from their previous forecast of $2.24. The consensus estimate for Canadian Solar’s current full-year earnings is $2.58 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.

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

Canadian Solar Trading Down 0.8 %

Shares of NASDAQ:CSIQ opened at $14.41 on Thursday. The company has a market cap of $929.59 million, a PE ratio of 3.71, a P/E/G ratio of 0.23 and a beta of 1.26. The company’s 50-day moving average price is $19.53 and its 200 day moving average price is $21.35. Canadian Solar has a fifty-two week low of $14.11 and a fifty-two week high of $45.29. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45.

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

Institutional Trading of Canadian Solar

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mackenzie Financial Corp increased its position in shares of Canadian Solar by 27.1% in the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider’s stock worth $103,661,000 after acquiring an additional 843,100 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Canadian Solar by 0.4% in the third quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider’s stock worth $48,343,000 after acquiring an additional 8,317 shares in the last quarter. Creative Planning increased its position in shares of Canadian Solar by 103.3% in the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after acquiring an additional 205,671 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Canadian Solar by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock worth $326,000 after acquiring an additional 928 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. increased its position in shares of Canadian Solar by 67.7% in the third quarter. Hussman Strategic Advisors Inc. now owns 262,500 shares of the solar energy provider’s stock worth $6,460,000 after acquiring an additional 106,000 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors.

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.