Roth Capital Comments on Canadian Solar Inc.’s Q2 2024 Earnings (NASDAQ:CSIQ)

Canadian Solar Inc. (NASDAQ:CSIQ) – Equities researchers at Roth Capital reduced their Q2 2024 earnings estimates for Canadian Solar in a research report issued on Tuesday, May 21st. Roth Capital analyst P. Shen now expects that the solar energy provider will post earnings of $0.14 per share for the quarter, down from their prior estimate of $0.57. The consensus estimate for Canadian Solar’s current full-year earnings is $2.20 per share. Roth Capital also issued estimates for Canadian Solar’s Q3 2024 earnings at $0.79 EPS, Q4 2024 earnings at $0.85 EPS, FY2024 earnings at $1.96 EPS, Q1 2025 earnings at $0.15 EPS, Q2 2025 earnings at $0.79 EPS, Q3 2025 earnings at $0.85 EPS, Q4 2025 earnings at $1.19 EPS and FY2025 earnings at $2.98 EPS.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.20. Canadian Solar had a net margin of 2.80% and a return on equity of 5.61%. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the company earned $1.19 earnings per share. The firm’s revenue for the quarter was down 21.1% on a year-over-year basis.

Other analysts have also recently issued research reports about the stock. Wells Fargo & Company cut their target price on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 19th. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Roth Mkm reaffirmed a “buy” rating and set a $25.00 price objective on shares of Canadian Solar in a research note on Wednesday. Finally, Citigroup dropped their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $29.00.

Canadian Solar Stock Down 2.9 %

CSIQ stock opened at $17.66 on Friday. The stock has a market capitalization of $1.17 billion, a P/E ratio of 6.13, a P/E/G ratio of 0.33 and a beta of 1.29. The firm has a 50-day simple moving average of $17.10 and a 200-day simple moving average of $20.49. 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 $14.11 and a 52 week high of $45.29.

Institutional Investors Weigh In On Canadian Solar

A number of hedge funds and other institutional investors have recently modified their holdings of CSIQ. California Public Employees Retirement System raised its holdings in shares of Canadian Solar by 1.7% in the 3rd quarter. California Public Employees Retirement System now owns 93,479 shares of the solar energy provider’s stock valued at $2,301,000 after purchasing an additional 1,595 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Canadian Solar by 3.6% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,844 shares of the solar energy provider’s stock valued at $390,000 after purchasing an additional 556 shares in the last quarter. Jump Financial LLC acquired a new stake in Canadian Solar during the 3rd quarter worth $2,345,000. Quantbot Technologies LP raised its stake in Canadian Solar by 145.8% during the 3rd quarter. Quantbot Technologies LP now owns 70,543 shares of the solar energy provider’s stock worth $1,736,000 after acquiring an additional 41,839 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. raised its stake in Canadian Solar by 67.7% during the 3rd quarter. Hussman Strategic Advisors Inc. now owns 262,500 shares of the solar energy provider’s stock worth $6,460,000 after acquiring an additional 106,000 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

About Canadian Solar

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.