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

Canadian Solar Inc. (NASDAQ:CSIQ) – Equities researchers at Roth Capital dropped their Q3 2024 earnings estimates for shares of Canadian Solar in a note issued to investors on Sunday, August 25th. Roth Capital analyst P. Shen now anticipates that the solar energy provider will post earnings of ($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.

Several other research firms also recently commented on CSIQ. Roth Mkm dropped their price objective on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Monday. Oppenheimer dropped their price objective on shares of Canadian Solar from $43.00 to $27.00 and set an “outperform” rating on the stock in a report on Friday, August 23rd. 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. UBS Group dropped their price objective on shares of Canadian Solar from $38.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, June 12th. Finally, The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $23.33.

Canadian Solar Price Performance

Shares of NASDAQ:CSIQ opened at $12.51 on Wednesday. The company’s 50-day moving average is $15.08 and its 200 day moving average is $17.25. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.79 and a current ratio of 1.02. The company has a market capitalization of $827.65 million, a P/E ratio of 4.34, a price-to-earnings-growth ratio of 0.30 and a beta of 1.29. Canadian Solar has a fifty-two week low of $12.18 and a fifty-two week high of $28.72.

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

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently modified their holdings of the company. Quarry LP purchased a new stake in shares of Canadian Solar in the second quarter worth about $31,000. Daiwa Securities Group Inc. increased its position in shares of Canadian Solar by 72.1% in the first quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after purchasing an additional 3,100 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Canadian Solar in the fourth quarter valued at approximately $201,000. Capstone Investment Advisors LLC purchased a new stake in Canadian Solar in the fourth quarter valued at approximately $359,000. Finally, Janney Montgomery Scott LLC raised its stake in Canadian Solar by 9.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after purchasing an additional 1,283 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

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.