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

Canadian Solar Inc. (NASDAQ:CSIQ) – Equities researchers at Zacks Research issued their Q3 2024 earnings per share estimates for shares of Canadian Solar in a research 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.

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

A number of other equities analysts also recently commented on the company. The Goldman Sachs Group decreased their target price on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Roth Mkm cut their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. Oppenheimer reduced their price target 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. JPMorgan Chase & Co. increased their target price on shares of Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. Finally, Glj Research boosted their price target on shares of Canadian Solar from $9.10 to $12.28 and gave the stock a “sell” rating in a research report on Tuesday, July 30th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $23.33.

Canadian Solar Trading Up 2.9 %

NASDAQ CSIQ opened at $14.06 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.82 and a current ratio of 1.04. Canadian Solar has a one year low of $11.41 and a one year high of $27.36. The company has a 50-day simple moving average of $14.49 and a 200-day simple moving average of $16.39. The firm has a market capitalization of $930.20 million, a PE ratio of 4.88, a price-to-earnings-growth ratio of 3.61 and a beta of 1.29.

Hedge Funds Weigh In On Canadian Solar

Large investors have recently made changes to their positions in the business. Mackenzie Financial Corp lifted its stake in Canadian Solar by 25.4% during the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock valued at $75,456,000 after purchasing an additional 1,037,800 shares during the last quarter. SIR Capital Management L.P. acquired a new stake in shares of Canadian Solar during the 2nd quarter valued at $3,994,000. D. Scott Neal Inc. bought a new stake in shares of Canadian Solar during the 2nd quarter worth $3,898,000. Foundry Partners LLC acquired a new position in shares of Canadian Solar in the 2nd quarter worth $3,667,000. Finally, Schroder Investment Management Group grew its holdings in shares of Canadian Solar by 15.7% in the 4th quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock worth $41,330,000 after acquiring an additional 213,959 shares during the last quarter. Institutional investors own 52.36% of the company’s stock.

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.