Q3 2024 Earnings Forecast for Canadian Solar Inc. Issued By Zacks Research (NASDAQ:CSIQ) - Defense World
Q3 2024 Earnings Forecast for Canadian Solar Inc. Issued By Zacks Research (NASDAQ:CSIQ) - Defense World
Canadian Solar Inc. ( NASDAQ:CSIQ– Free Report) – Investment analysts at Zacks Research lowered their Q3 2024 EPS estimates for Canadian Solar in a research note issued on Thursday, May 30th. Zacks Research analyst R. Department now forecasts that the solar energy provider will post earnings per share of $0.84 for the quarter, down from their prior forecast of $1.00. The consensus estimate for Canadian Solar’s current full-year earnings is $2.10 per share. Zacks Research also issued estimates for Canadian Solar’s Q4 2024 earnings at $0.97 EPS and Q1 2026 earnings at $0.87 EPS.
Canadian Solar ( NASDAQ:CSIQ– Get Free Report) last issued its quarterly earnings data on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The business’s revenue was down 21.1% on a year-over-year basis. During the same period last year, the company earned $1.19 earnings per share.
StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. The Goldman Sachs Group lowered their price objective on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Citigroup lowered their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, Wells Fargo & Company lowered their price target on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $29.00.
Read Our Latest Research Report on Canadian Solar
Canadian Solar Stock Down 0.1 %
Shares of NASDAQ CSIQ opened at $19.64 on Monday. The stock has a market capitalization of $1.30 billion, a P/E ratio of 6.82, a P/E/G ratio of 0.37 and a beta of 1.29. The company has a 50-day moving average price of $17.12 and a 200-day moving average price of $20.39. Canadian Solar has a 1 year low of $14.11 and a 1 year high of $45.29. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 0.79.
Hedge Funds Weigh In On Canadian Solar
Hedge funds and other institutional investors have recently bought and sold shares of the stock. USCF Advisers LLC grew its stake in Canadian Solar by 87.5% in the 4th 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 in the last quarter. Daiwa Securities Group Inc. grew its stake in Canadian Solar by 72.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 7,400 shares of the solar energy provider’s stock worth $146,000 after buying an additional 3,100 shares in the last quarter. Private Advisor Group LLC purchased a new position in Canadian Solar in the 4th quarter worth approximately $201,000. Campbell & CO Investment Adviser LLC grew its stake in Canadian Solar by 51.3% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 8,447 shares of the solar energy provider’s stock worth $208,000 after buying an additional 2,865 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its stake in Canadian Solar by 8.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock worth $326,000 after buying an additional 928 shares in the last quarter. 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.
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