Canadian Solar (CSIQ) closed at $17.44 in the latest trading session, marking a -0.4% move from the prior day. This change was narrower than the S&P 500's 0.68% loss on the day. Meanwhile, the Dow lost 0.33%, and the Nasdaq, a tech-heavy index, lost 1.46%.
Prior to today's trading, shares of the solar wafers manufacturer had lost 7.89% over the past month. This has lagged the Oils-Energy sector's loss of 3.49% and the S&P 500's loss of 1.19% in that time.
Investors will be hoping for strength from CSIQ as it approaches its next earnings release, which is expected to be May 30, 2019. In that report, analysts expect CSIQ to post earnings of -$0.44 per share. This would mark a year-over-year decline of 161.11%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $470.77 million, down 66.96% from the year-ago period.
CSIQ's full-year Zacks Consensus Estimates are calling for earnings of $2.40 per share and revenue of $3.58 billion. These results would represent year-over-year changes of -26.83% and -4.43%, respectively.
Investors should also note any recent changes to analyst estimates for CSIQ. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. CSIQ is currently a Zacks Rank #3 (Hold).
Looking at its valuation, CSIQ is holding a Forward P/E ratio of 7.3. For comparison, its industry has an average Forward P/E of 17.63, which means CSIQ is trading at a discount to the group.
Meanwhile, CSIQ's PEG ratio is currently 0.23. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Solar stocks are, on average, holding a PEG ratio of 0.77 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 75, putting it in the top 30% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
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