Canadian Solar (CSIQ) Stock Declines While Market Improves: Some Information for Investors
Canadian Solar (CSIQ) closed at $21.56 in the latest trading session, marking a -0.37% move from the prior day. This change lagged the S&P 500's 0.18% gain on the day. Elsewhere, the Dow gained 0.1%, while the tech-heavy Nasdaq added 0.3%.
Heading into today, shares of the solar wafers manufacturer had lost 1.14% over the past month, lagging the Oils-Energy sector's gain of 0.83% and the S&P 500's gain of 3.08% in that time.
The investment community will be paying close attention to the earnings performance of Canadian Solar in its upcoming release. The company is slated to reveal its earnings 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%. Simultaneously, our latest consensus estimate expects the revenue to be $1.99 billion, showing a 3.2% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $6.21 per share and a revenue of $8.63 billion, signifying shifts of +80.52% and +15.61%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Canadian Solar. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Canadian Solar boasts a Zacks Rank of #3 (Hold).
With respect to valuation, Canadian Solar is currently being traded at a Forward P/E ratio of 3.48. This signifies a discount in comparison to the average Forward P/E of 17.33 for its industry.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 151, putting it in the bottom 41% of all 250+ industries.
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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
