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

Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) - Analysts at Zacks Research increased their FY2024 earnings per share (EPS) estimates for Canadian Solar in a report released on Wednesday, April 17th. Zacks Research analyst R. Department now forecasts that the solar energy provider will earn $2.27 per share for the year, up from their prior forecast 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.

CSIQ has been the topic of a number of other research reports. Daiwa Capital Markets began coverage on Canadian Solar in a report on Monday, March 11th. They issued a "neutral" rating and a $21.00 price target on the stock. The Goldman Sachs Group lowered their target price on Canadian Solar from $28.00 to $24.00 and set a "neutral" rating on the stock in a report on Friday, March 15th. StockNews.com upgraded Canadian Solar from a "sell" rating to a "hold" rating in a research report on Thursday, April 11th. Wells Fargo & Company lowered their price objective on shares of 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. Finally, Citigroup dropped their target price on shares of Canadian Solar from $26.00 to $24.00 and set a "neutral" rating for the company in a report on Friday, March 15th. One research 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. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $31.78.

Canadian Solar Price Performance

CSIQ traded down $0.59 on Thursday, hitting $14.53. 3,371,415 shares of the company were exchanged, compared to its average volume of 1,408,196. The business's fifty day moving average is $19.70 and its 200 day moving average is $21.41. Canadian Solar has a fifty-two week low of $14.11 and a fifty-two week high of $45.29. 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 firm has a market capitalization 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.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.11. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the firm earned $1.11 EPS. The business's revenue was down 13.7% on a year-over-year basis.

Hedge Funds Weigh In On Canadian Solar

Institutional investors have recently modified their holdings of the company. Quarry LP grew its stake in Canadian Solar by 1,268.6% in the 1st quarter. Quarry LP now owns 958 shares of the solar energy provider's stock worth $38,000 after acquiring an additional 888 shares during the period. Great West Life Assurance Co. Can boosted its holdings in shares of Canadian Solar by 115.7% during the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider's stock worth $41,000 after purchasing an additional 589 shares during the last quarter. State of Tennessee Treasury Department purchased a new stake in shares of Canadian Solar in the second quarter valued at $54,000. Adirondack Trust Co. increased its stake in Canadian Solar by 200.0% in the third quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider's stock valued at $37,000 after purchasing an additional 1,000 shares during the last quarter. Finally, USCF Advisers LLC lifted its position in Canadian Solar by 87.5% during the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider's stock worth $39,000 after buying an additional 700 shares during the period. Institutional investors and hedge funds 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.