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Canadian Solar (CSIQ) Dips More Than Broader Markets: What You Should Know
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Canadian Solar (CSIQ - Free Report) closed at $35.73 in the latest trading session, marking a -1.24% move from the prior day. This change lagged the S&P 500's 0.89% loss on the day. At the same time, the Dow lost 0.63%, and the tech-heavy Nasdaq lost 0.26%.
Heading into today, shares of the solar wafers manufacturer had gained 19.8% over the past month, outpacing the Oils-Energy sector's gain of 13.99% and the S&P 500's gain of 11.42% in that time.
Investors will be hoping for strength from Canadian Solar as it approaches its next earnings release, which is expected to be November 22, 2022. The company is expected to report EPS of $0.58, up 38.1% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $2.04 billion, up 66.11% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.66 per share and revenue of $7.7 billion, which would represent changes of +135.4% and +45.87%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canadian Solar. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Canadian Solar is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Canadian Solar is currently trading at a Forward P/E ratio of 13.58. Its industry sports an average Forward P/E of 63.33, so we one might conclude that Canadian Solar is trading at a discount comparatively.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 84, putting it in the top 34% 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.
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 (CSIQ) Dips More Than Broader Markets: What You Should Know
Canadian Solar (CSIQ - Free Report) closed at $35.73 in the latest trading session, marking a -1.24% move from the prior day. This change lagged the S&P 500's 0.89% loss on the day. At the same time, the Dow lost 0.63%, and the tech-heavy Nasdaq lost 0.26%.
Heading into today, shares of the solar wafers manufacturer had gained 19.8% over the past month, outpacing the Oils-Energy sector's gain of 13.99% and the S&P 500's gain of 11.42% in that time.
Investors will be hoping for strength from Canadian Solar as it approaches its next earnings release, which is expected to be November 22, 2022. The company is expected to report EPS of $0.58, up 38.1% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $2.04 billion, up 66.11% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.66 per share and revenue of $7.7 billion, which would represent changes of +135.4% and +45.87%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canadian Solar. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Canadian Solar is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Canadian Solar is currently trading at a Forward P/E ratio of 13.58. Its industry sports an average Forward P/E of 63.33, so we one might conclude that Canadian Solar is trading at a discount comparatively.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 84, putting it in the top 34% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.