10 Oversold Canadian Stocks to Buy Right Now

6) Canadian Solar Inc. (NASDAQ:CSIQ)

% Decline Over Past Year: ~39%

Forward P/E (As of October 21): 3.59x

Number of Hedge Fund Holders: 10

Canadian Solar Inc. (NASDAQ:CSIQ) offers solar energy and battery energy storage products and solutions in Asia, the Americas, Europe, and internationally.

Canadian Solar Inc. (NASDAQ:CSIQ)’s growing presence in both module production and energy storage solutions is expected to drive long-term growth in the challenging environment. Market players are quite optimistic about the company’s energy storage business due to the high margins and robust demand in this domain.

The expansion of US manufacturing capabilities should also help Canadian Solar Inc. (NASDAQ:CSIQ) achieve healthy growth moving forward.

This expansion is expected to help it navigate potential trade barriers and capitalize on local market opportunities. By increasing local production, it will be better positioned to navigate trade barriers and tariffs. This should help in reducing the impact of protectionist measures on its business. The demand for solar energy is being fueled by the expansion of Al-driven data centers, EVs, and other emerging technologies.

Canadian Solar Inc. (NASDAQ:CSIQ) has a strong position in the global solar market, courtesy of its diverse product portfolio and extensive project pipeline. This forms the base for future growth and revenue generation. The company’s strong emphasis on energy storage and expansion into US manufacturing should help it differentiate from competitors and strengthen its market position. Canadian Solar Inc. (NASDAQ:CSIQ)’s diversified business model and commitment to sustainability places it well for future growth.

The company expects a stronger H2 2024, particularly for its energy storage segment. It also projects that a healthy margin in the US module market should continue through Q3 and Q4. Moreover, strong performance in e-STORAGE is expected to lead to a robust Q4 2024.