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

Canadian Solar Inc. (NASDAQ:CSIQ) – Equities research analysts at Zacks Research lifted their FY2024 earnings per share (EPS) estimates for shares of Canadian Solar in a report issued on Wednesday, April 17th. Zacks Research analyst R. Department now anticipates that the solar energy provider will post earnings of $2.27 per share for the year, up from their previous estimate 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.

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

Canadian Solar Price Performance

Shares of CSIQ opened at $14.53 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. Canadian Solar has a 1 year low of $14.11 and a 1 year high of $45.29. The stock has a market cap of $937.33 million, a P/E ratio of 3.74, a price-to-earnings-growth ratio of 0.24 and a beta of 1.26. The stock’s 50-day moving average price is $19.70 and its two-hundred day moving average price is $21.41.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CSIQ. Adirondack Trust Co. increased its stake in shares of Canadian Solar by 200.0% in the 3rd quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock valued at $37,000 after acquiring an additional 1,000 shares in the last quarter. Quarry LP increased its stake in shares of Canadian Solar by 1,268.6% in the 1st quarter. Quarry LP now owns 958 shares of the solar energy provider’s stock valued at $38,000 after acquiring an additional 888 shares in the last quarter. USCF Advisers LLC increased its stake in shares of Canadian Solar by 87.5% in the 4th quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock valued at $39,000 after acquiring an additional 700 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Canadian Solar by 115.7% in the 1st 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 in the last quarter. Finally, State of Tennessee Treasury Department acquired a new stake in Canadian Solar in the 2nd quarter valued at $54,000. 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.