Canadian Solar (CSIQ) Stock Moves -0.19%: What You Should Know
The most recent trading session ended with Canadian Solar (CSIQ) standing at $21.13, reflecting a -0.19% shift from the previouse trading day's closing. The stock's change was more than the S&P 500's daily loss of 0.38%. Meanwhile, the Dow experienced a drop of 0.16%, and the technology-dominated Nasdaq saw a decrease of 0.13%.
Coming into today, shares of the solar wafers manufacturer had lost 7.84% in the past month. In that same time, the Oils-Energy sector gained 5.11%, while the S&P 500 gained 4.74%.
Market participants will be closely following the financial results of Canadian Solar in its upcoming release. The company plans to announce its earnings on March 14, 2024. The company's earnings per share (EPS) are projected to be -$0.13, reflecting a 111.71% decrease from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $1.65 billion, down 16.33% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Canadian Solar. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Canadian Solar is currently a Zacks Rank #4 (Sell).
From a valuation perspective, Canadian Solar is currently exchanging hands at a Forward P/E ratio of 7.97. This expresses a discount compared to the average Forward P/E of 10.77 of its industry.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 179, which puts it in the bottom 29% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
