Canadian Solar Inc (NASDAQ: CSIQ) Could Be A Life-Changing Stock?

In the last trading session, 1.29 million Canadian Solar Inc (NASDAQ:CSIQ) shares changed hands as the company’s beta touched 1.28. With the company’s per share price at $23.60 changed hands at $0.69 or 3.01% during last session, the market valuation stood at $1.53B. CSIQ’s last price was a discount, traded about -91.91% off its 52-week high of $45.29. The share price had its 52-week low at $17.82, which suggests the last value was 24.49% up since then. When we look at Canadian Solar Inc’s average trading volume, we note the 10-day average is 1.11 million shares, with the 3-month average coming to 0.97.

Canadian Solar Inc (NASDAQ:CSIQ) trade information

Instantly CSIQ was in green as seen at the end of in last trading. With action 13.52%, the performance over the past five days has been green. The jump to weekly highs of 24.32 added 3.01% to the stock’s daily price. The company’s shares are showing year-to-date downside of -10.03%, with the 5-day performance at 13.52% in the green. However, in the 30-day time frame, Canadian Solar Inc (NASDAQ:CSIQ) is 2.12% up. Looking at the short shares, we see there were 7.13 million shares sold at short interest cover period of 5.17 days.

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Canadian Solar Inc (CSIQ) estimates and forecasts

Data shows that the Canadian Solar Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -28.09% over the past 6 months, a 6.98% in annual growth rate that is considerably lower than the industry average of 7.20%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Canadian Solar Inc will fall -100.00%, while the growth in revenue is estimated to hit -60.50% for the next quarter. Year-over-year growth is forecast to reach 1.70% up from the last financial year.

Consensus estimates given by 7 financial analysts project the company’s revenue in the current quarter to hit an average of $1.69 billion. 5 analysts are of the opinion that Canadian Solar Inc’s revenue for the quarter ending Mar 2024 will be $1.9 billion. The company’s revenue for the corresponding quarters a year ago was $1.97 billion and $1.71 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -14.40%. The estimates for the next quarter sales put growth at 11.30%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 16.88%. The 2024 estimates are for Canadian Solar Inc earnings to increase by 12.79%, but the outlook for the next 5-year period is at 25.00% per year.

CSIQ Dividends

Canadian Solar Inc is expected to release its next quarterly earnings report in March.

Canadian Solar Inc (NASDAQ:CSIQ)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 21.28% of Canadian Solar Inc shares while 63.48% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 80.63%. There are 63.48% institutions holding the Canadian Solar Inc stock share, with Blackrock Inc. the top institutional holder. As of Sep 29, 2023, the company held 8.22% of the shares, roughly 5.3 million CSIQ shares worth $125.17 million.

Mackenzie Financial Corporation holds the second largest percentage of outstanding shares, with 6.13% or 3.95 million shares worth $93.27 million as of Dec 30, 2023.

Among Mutual Funds, the top two as of Nov 29, 2023 were GMO Resources Fund and Invesco ETF TR II-Invesco Solar ETF. With 1.51 million shares estimated at $35.68 million under it, the former controlled 2.34% of total outstanding shares. On the other hand, Invesco ETF TR II-Invesco Solar ETF held about 2.15% of the shares, roughly 1.38 million shares worth around $32.66 million.

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