Canadian Solar (CSIQ) Declines More Than Market: Some Information for Investors
Canadian Solar (CSIQ) closed the most recent trading day at $22.32, moving -1.5% from the previous trading session. The stock fell short of the S&P 500, which registered a loss of 0.5% for the day. Meanwhile, the Dow gained 0.12%, and the Nasdaq, a tech-heavy index, lost 1.23%.
The the stock of solar wafers manufacturer has fallen by 18.67% in the past month, lagging the Oils-Energy sector's loss of 3.08% and the S&P 500's loss of 2.4%.
Analysts and investors alike will be keeping a close eye on the performance of Canadian Solar in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.91, signifying a 18.75% drop compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $1.99 billion, up 3.2% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $6.21 per share and revenue of $8.63 billion, which would represent changes of +80.52% and +15.61%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Canadian Solar. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. At present, Canadian Solar boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, Canadian Solar is holding a Forward P/E ratio of 3.65. This expresses a discount compared to the average Forward P/E of 19.64 of its industry.
The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 151, this industry ranks in the bottom 41% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
