Canadian Solar (CSIQ) Laps the Stock Market: Here's Why
Canadian Solar (CSIQ) ended the recent trading session at $19.45, demonstrating a +1.25% swing from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 1.2%. Elsewhere, the Dow gained 1.58%, while the tech-heavy Nasdaq added 1.16%.
The solar wafers manufacturer's stock has dropped by 21.94% in the past month, falling short of the Oils-Energy sector's loss of 5.73% and the S&P 500's loss of 3.58%.
The upcoming earnings release of Canadian Solar will be of great interest to investors. The company's earnings report is expected on November 14, 2023. On that day, Canadian Solar is projected to report earnings of $0.91 per share, which would represent a year-over-year decline of 18.75%. Our most recent consensus estimate is calling for quarterly revenue of $1.99 billion, up 3.2% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $6.21 per share and a revenue of $8.63 billion, indicating changes of +80.52% and +15.61%, respectively, from the former year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Canadian Solar. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Canadian Solar is holding a Zacks Rank of #3 (Hold) right now.
With respect to valuation, Canadian Solar is currently being traded at a Forward P/E ratio of 3.09. This indicates a discount in contrast to its industry's Forward P/E of 16.7.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 204, putting it in the bottom 20% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
