Zacks Research Comments on Canadian Solar Inc.’s Q3 2024 Earnings (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) – Equities research analysts at Zacks Research issued their Q3 2024 earnings estimates for Canadian Solar in a research report issued on Thursday, September 12th. Zacks Research analyst R. Department anticipates that the solar energy provider will post earnings of ($0.50) per share 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.

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

Other equities research analysts have also issued reports about the company. JPMorgan Chase & Co. raised their price objective on Canadian Solar from $17.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 16th. UBS Group lowered their price objective on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, June 12th. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Oppenheimer decreased their target price on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a research note on Friday, August 23rd. Finally, Glj Research upped their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research note on Tuesday, July 30th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Canadian Solar has an average rating of “Hold” and an average price target of $23.33.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $14.06 on Monday. The company has a market capitalization of $930.20 million, a price-to-earnings ratio of 4.88, a P/E/G ratio of 3.61 and a beta of 1.29. Canadian Solar has a 1-year low of $11.41 and a 1-year high of $27.36. The company has a current ratio of 1.04, a quick ratio of 0.82 and a debt-to-equity ratio of 0.53. The stock’s fifty day simple moving average is $14.49 and its 200-day simple moving average is $16.39.

Institutional Investors Weigh In On Canadian Solar

Several institutional investors and hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC bought a new position in Canadian Solar during the second quarter valued at about $343,000. Quarry LP bought a new position in shares of Canadian Solar in the 2nd quarter valued at approximately $31,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Canadian Solar by 43.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after acquiring an additional 4,739 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Canadian Solar by 29.4% in the 2nd quarter. NewEdge Advisors LLC now owns 69,165 shares of the solar energy provider’s stock worth $1,020,000 after purchasing an additional 15,718 shares during the last quarter. Finally, Scientech Research LLC bought a new stake in Canadian Solar during the second quarter worth approximately $504,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

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.