Canadian Solar (CSIQ - Free Report) closed the most recent trading day at $42.68, moving +1.89% from the previous trading session. The stock outpaced the S&P 500's daily gain of 1.19%. Meanwhile, the Dow gained 0.76%, and the Nasdaq, a tech-heavy index, added 0.29%.
Prior to today's trading, shares of the solar wafers manufacturer had gained 35.04% over the past month. This has outpaced the Oils-Energy sector's gain of 5.68% and the S&P 500's gain of 4.06% in that time.
Investors will be hoping for strength from Canadian Solar as it approaches its next earnings release. 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. Recent revisions tend to reflect the latest near-term business trends. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Canadian Solar currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, Canadian Solar is holding a Forward P/E ratio of 7.38. Its industry sports an average Forward P/E of 33.18, 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 industry currently has a Zacks Industry Rank of 12, which puts it in the top 5% 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.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Canadian Solar (CSIQ - Free Report) closed the most recent trading day at $42.68, moving +1.89% from the previous trading session. The stock outpaced the S&P 500's daily gain of 1.19%. Meanwhile, the Dow gained 0.76%, and the Nasdaq, a tech-heavy index, added 0.29%.
Prior to today's trading, shares of the solar wafers manufacturer had gained 35.04% over the past month. This has outpaced the Oils-Energy sector's gain of 5.68% and the S&P 500's gain of 4.06% in that time.
Investors will be hoping for strength from Canadian Solar as it approaches its next earnings release. 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. Recent revisions tend to reflect the latest near-term business trends. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Canadian Solar currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, Canadian Solar is holding a Forward P/E ratio of 7.38. Its industry sports an average Forward P/E of 33.18, 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 industry currently has a Zacks Industry Rank of 12, which puts it in the top 5% 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.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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