Canadian Solar (CSIQ) Stock Moves -0.63%: What You Should Know
In the latest trading session, Canadian Solar (CSIQ) closed at $20.63, marking a -0.63% move from the previous day. This change was narrower than the S&P 500's 0.65% loss on the day. On the other hand, the Dow registered a loss of 0.18%, and the technology-centric Nasdaq decreased by 1.16%.
Prior to today's trading, shares of the solar wafers manufacturer had lost 5.94% over the past month. This has lagged the Oils-Energy sector's gain of 4.75% and the S&P 500's gain of 3.4% in that time.
The upcoming earnings release of Canadian Solar will be of great interest to investors. The company's earnings report is expected on March 14, 2024. 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%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.65 billion, down 16.33% from the year-ago period.
Any recent changes to analyst estimates for Canadian Solar should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Canadian Solar presently features a Zacks Rank of #4 (Sell).
In terms of valuation, Canadian Solar is currently trading at a Forward P/E ratio of 7.82. This signifies a discount in comparison to the average Forward P/E of 11.98 for its industry.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 149, putting it in the bottom 41% 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.
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
