Q2 2024 EPS Estimates for Canadian Solar Inc. Reduced by Zacks Research (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) – Equities research analysts at Zacks Research cut their Q2 2024 earnings per share estimates for shares of Canadian Solar in a research report issued to clients and investors on Thursday, April 4th. Zacks Research analyst R. Department now anticipates that the solar energy provider will post earnings of $0.49 per share for the quarter, down from their previous forecast of $0.56. 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 Q3 2024 earnings at $1.00 EPS, FY2024 earnings at $2.24 EPS, Q2 2025 earnings at $0.83 EPS, Q3 2025 earnings at $1.15 EPS, Q1 2026 earnings at $0.94 EPS and FY2026 earnings at $5.04 EPS.

Canadian Solar (NASDAQ:CSIQ) last released its earnings results 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. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the company posted $1.11 EPS. Canadian Solar’s revenue was down 13.7% compared to the same quarter last year.

CSIQ has been the subject of a number of other reports. Citigroup lowered their price objective on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Wells Fargo & Company lowered their price objective on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 19th. The Goldman Sachs Group lowered their price target on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Daiwa Capital Markets assumed coverage on Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price target for the company. Finally, StockNews.com downgraded Canadian Solar from a “hold” rating to a “sell” rating in a report on Friday, March 15th. Two 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. Based on data from MarketBeat.com, Canadian Solar presently has an average rating of “Hold” and an average price target of $31.78.

Canadian Solar Stock Performance

Shares of Canadian Solar stock opened at $17.15 on Monday. Canadian Solar has a one year low of $17.13 and a one year high of $45.29. The company has a market cap of $1.11 billion, a PE ratio of 4.42, a P/E/G ratio of 0.27 and a beta of 1.26. 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 business has a 50-day simple moving average of $20.75 and a 200-day simple moving average of $21.93.

Institutional Investors Weigh In On Canadian Solar

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSIQ. Creative Planning raised its stake in shares of Canadian Solar by 103.3% during the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider’s stock worth $9,961,000 after purchasing an additional 205,671 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of Canadian Solar by 23.4% during the third quarter. Mackenzie Financial Corp now owns 3,108,915 shares of the solar energy provider’s stock worth $69,795,000 after purchasing an additional 589,400 shares during the last quarter. Hussman Strategic Advisors Inc. raised its stake in shares of Canadian Solar by 67.7% during the third quarter. Hussman Strategic Advisors Inc. now owns 262,500 shares of the solar energy provider’s stock worth $6,460,000 after purchasing an additional 106,000 shares during the last quarter. Schroder Investment Management Group raised its stake in shares of Canadian Solar by 13.4% during the third quarter. Schroder Investment Management Group now owns 1,361,724 shares of the solar energy provider’s stock worth $33,512,000 after purchasing an additional 161,224 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Canadian Solar by 376.4% during the third quarter. National Bank of Canada FI now owns 36,543 shares of the solar energy provider’s stock worth $843,000 after purchasing an additional 28,872 shares during the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

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.