Canadian Solar (CSIQ) Stock Moves -1.05%: What You Should Know
Canadian Solar (CSIQ) closed at $39.69 in the latest trading session, marking a -1.05% move from the prior day. This change was narrower than the S&P 500's daily loss of 1.11%. Elsewhere, the Dow lost 0.61%, while the tech-heavy Nasdaq lost 2.13%.
Coming into today, shares of the solar wafers manufacturer had lost 4.61% in the past month. In that same time, the Oils-Energy sector gained 2.43%, while the S&P 500 gained 7%.
Wall Street will be looking for positivity from Canadian Solar as it approaches its next earnings report date. The company is expected to report EPS of $0.33, up 94.12% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $1.84 billion, up 20.57% from the prior-year quarter.
Any recent changes to analyst estimates for Canadian Solar should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 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. Canadian Solar is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Canadian Solar's current valuation metrics, including its Forward P/E ratio of 7.07. For comparison, its industry has an average Forward P/E of 32.72, which means Canadian Solar is trading at a discount to the group.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 44, which puts it in the top 18% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
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