Zacks Research Equities Analysts Reduce Earnings Estimates for Canadian Solar Inc. (NASDAQ:CSIQ)

Posted by Defense World Staff on Sep 8th, 2023

Canadian Solar Inc. (NASDAQ:CSIQ – Free Report) – Analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for shares of Canadian Solar in a research report issued on Tuesday, September 5th. Zacks Research analyst A. Dutta now anticipates that the solar energy provider will post earnings per share of $1.15 for the quarter, down from their prior estimate of $1.34. The consensus estimate for Canadian Solar’s current full-year earnings is $6.06 per share. Zacks Research also issued estimates for Canadian Solar’s FY2024 earnings at $4.66 EPS and FY2025 earnings at $7.55 EPS.

Several other equities research analysts have also weighed in on the company. StockNews.com lowered Canadian Solar from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Roth Mkm dropped their price target on Canadian Solar from $70.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, August 23rd. Citigroup dropped their price target on Canadian Solar from $42.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 23rd. Oppenheimer restated an “outperform” rating and set a $68.00 price target on shares of Canadian Solar in a research report on Wednesday, August 23rd. Finally, UBS Group lowered their price objective on Canadian Solar from $50.00 to $47.00 and set a “buy” rating for the company in a research note on Tuesday, August 29th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Canadian Solar has an average rating of “Moderate Buy” and a consensus price target of $46.14.

Get Our Latest Stock Analysis on CSIQ

Canadian Solar Price Performance

Shares of CSIQ stock opened at $25.92 on Thursday. The firm has a market cap of $1.70 billion, a P/E ratio of 4.46 and a beta of 1.40. Canadian Solar has a fifty-two week low of $25.51 and a fifty-two week high of $45.60. The business’s 50 day moving average price is $33.58 and its 200-day moving average price is $37.11. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 1.22.

Canadian Solar (NASDAQ:CSIQ – Get Free Report) last issued its quarterly earnings data on Tuesday, August 22nd. The solar energy provider reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.87. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.49 billion. Canadian Solar had a return on equity of 15.92% and a net margin of 5.14%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company earned $1.07 EPS.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Harbor Capital Advisors Inc. bought a new stake in shares of Canadian Solar in the second quarter worth $33,000. Quarry LP grew its holdings in shares of Canadian Solar by 1,268.6% in the first 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 grew its holdings in shares of Canadian Solar by 115.7% in 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 acquiring an additional 589 shares during the period. State of Tennessee Treasury Department bought a new stake in Canadian Solar during the second quarter valued at about $54,000. Finally, Castleview Partners LLC bought a new stake in Canadian Solar during the first quarter valued at about $64,000. Hedge funds and other institutional investors own 50.35% of the company’s stock.

About Canadian Solar

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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.