Canadian Solar (CSIQ) Flat As Market Gains: What You Should Know
Canadian Solar (CSIQ) closed the most recent trading day at $22.07, making no change from the previous trading session. This change lagged the S&P 500's 0.06% gain on the day. At the same time, the Dow added 0.13%, and the tech-heavy Nasdaq gained 0.24%.
Coming into today, shares of the solar wafers manufacturer had lost 6.32% in the past month. In that same time, the Oils-Energy sector lost 1.2%, while the S&P 500 gained 6.45%.
Investors will be eagerly watching for the performance of Canadian Solar in its upcoming earnings disclosure. On that day, Canadian Solar is projected to report earnings of -$0.13 per share, which would represent a year-over-year decline of 111.71%. At the same time, our most recent consensus estimate is projecting a revenue of $1.65 billion, reflecting a 16.33% fall from the equivalent quarter last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Canadian Solar. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Canadian Solar is holding a Zacks Rank of #4 (Sell) right now.
Valuation is also important, so investors should note that Canadian Solar has a Forward P/E ratio of 8.31 right now. This expresses a discount compared to the average Forward P/E of 11.34 of its industry.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 115, finds itself in the top 46% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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
