Q3 2024 EPS Estimates for Canadian Solar Inc. Reduced by Roth Capital (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) – Stock analysts at Roth Capital decreased their Q3 2024 earnings estimates for Canadian Solar in a report released on Sunday, August 25th. Roth Capital analyst P. Shen now forecasts that the solar energy provider will earn ($0.13) per share for the quarter, down from their prior estimate of $0.79. The consensus estimate for Canadian Solar’s current full-year earnings is $2.07 per share. Roth Capital also issued estimates for Canadian Solar’s Q4 2024 earnings at $0.55 EPS, FY2024 earnings at $0.63 EPS, Q1 2025 earnings at $0.05 EPS, Q2 2025 earnings at $0.47 EPS, Q3 2025 earnings at $0.54 EPS, Q4 2025 earnings at $0.76 EPS, FY2025 earnings at $1.81 EPS and Q2 2026 earnings at $0.83 EPS.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The company’s quarterly revenue was down 30.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.39 earnings per share.

CSIQ has been the subject of a number of other reports. StockNews.com cut shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, July 31st. Oppenheimer dropped their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating for the company in a report on Friday, August 23rd. The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a report on Monday. Roth Mkm dropped their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a report on Tuesday, July 16th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Canadian Solar presently has an average rating of “Hold” and a consensus price target of $23.33.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $13.04 on Wednesday. The firm has a 50-day simple moving average of $15.22 and a 200-day simple moving average of $17.31. The stock has a market capitalization of $862.71 million, a price-to-earnings ratio of 4.53, a price-to-earnings-growth ratio of 0.30 and a beta of 1.29. The company has a quick ratio of 0.79, a current ratio of 1.02 and a debt-to-equity ratio of 0.53. Canadian Solar has a 52 week low of $12.18 and a 52 week high of $28.72.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CSIQ. Green Alpha Advisors LLC raised its holdings in Canadian Solar by 1.9% in the first quarter. Green Alpha Advisors LLC now owns 41,136 shares of the solar energy provider’s stock valued at $813,000 after acquiring an additional 766 shares in the last quarter. Scotia Capital Inc. raised its holdings in Canadian Solar by 3.0% in the fourth quarter. Scotia Capital Inc. now owns 39,400 shares of the solar energy provider’s stock valued at $1,033,000 after acquiring an additional 1,130 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in Canadian Solar by 9.2% during the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock worth $302,000 after purchasing an additional 1,283 shares in the last quarter. American Century Companies Inc. raised its holdings in Canadian Solar by 8.0% during the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock worth $276,000 after purchasing an additional 1,383 shares in the last quarter. Finally, Quarry LP acquired a new stake in Canadian Solar during the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.