Canadian Solar Inc. to Post FY2024 Earnings of $2.27 Per Share, Zacks Research Forecasts (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) – Investment analysts at Zacks Research lifted their FY2024 earnings per share estimates for Canadian Solar in a research note issued on Wednesday, April 17th. Zacks Research analyst R. Department now expects that the solar energy provider will earn $2.27 per share for the year, up from their prior 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.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company earned $1.11 earnings per share.

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

Canadian Solar Price Performance

CSIQ opened at $15.12 on Thursday. The stock has a fifty day simple moving average of $19.86 and a two-hundred day simple moving average of $21.46. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The company has a market cap of $975.33 million, a price-to-earnings ratio of 3.90, a price-to-earnings-growth ratio of 0.24 and a beta of 1.26. Canadian Solar has a 12-month low of $15.08 and a 12-month high of $45.29.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CSIQ. Grantham Mayo Van Otterloo & Co. LLC lifted its holdings in Canadian Solar by 137.9% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,761,422 shares of the solar energy provider’s stock valued at $92,569,000 after acquiring an additional 2,180,240 shares during the period. Mackenzie Financial Corp lifted its holdings in 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 valued at $103,661,000 after acquiring an additional 843,100 shares during the period. Bank of America Corp DE lifted its holdings in Canadian Solar by 2,094.9% in the first quarter. Bank of America Corp DE now owns 471,110 shares of the solar energy provider’s stock valued at $18,755,000 after acquiring an additional 449,646 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Canadian Solar by 275.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 528,597 shares of the solar energy provider’s stock valued at $21,043,000 after acquiring an additional 387,866 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in Canadian Solar by 15.7% in the fourth quarter. Schroder Investment Management Group now owns 1,575,683 shares of the solar energy provider’s stock valued at $41,330,000 after acquiring an additional 213,959 shares during the period. Institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

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.