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Canadian Solar (CSIQ) Gains As Market Dips: What You Should Know
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In the latest trading session, Canadian Solar (CSIQ - Free Report) closed at $39.75, marking a +1.22% move from the previous day. This change outpaced the S&P 500's 0.3% loss on the day. Meanwhile, the Dow lost 0.71%, and the Nasdaq, a tech-heavy index, added 0.84%.
Heading into today, shares of the solar wafers manufacturer had lost 1.6% over the past month, outpacing the Oils-Energy sector's loss of 4.26% and the S&P 500's loss of 2% in that time.
Investors will be hoping for strength from Canadian Solar as it approaches its next earnings release, which is expected to be March 21, 2023. On that day, Canadian Solar is projected to report earnings of $0.33 per share, which would represent year-over-year growth of 94.12%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.84 billion, up 20.57% from the year-ago period.
Investors might also notice 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. 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.
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 currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Canadian Solar is holding a Forward P/E ratio of 6.92. For comparison, its industry has an average Forward P/E of 33.68, 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 66, which puts it in the top 27% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Canadian Solar (CSIQ) Gains As Market Dips: What You Should Know
In the latest trading session, Canadian Solar (CSIQ - Free Report) closed at $39.75, marking a +1.22% move from the previous day. This change outpaced the S&P 500's 0.3% loss on the day. Meanwhile, the Dow lost 0.71%, and the Nasdaq, a tech-heavy index, added 0.84%.
Heading into today, shares of the solar wafers manufacturer had lost 1.6% over the past month, outpacing the Oils-Energy sector's loss of 4.26% and the S&P 500's loss of 2% in that time.
Investors will be hoping for strength from Canadian Solar as it approaches its next earnings release, which is expected to be March 21, 2023. On that day, Canadian Solar is projected to report earnings of $0.33 per share, which would represent year-over-year growth of 94.12%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.84 billion, up 20.57% from the year-ago period.
Investors might also notice 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. 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.
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 currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Canadian Solar is holding a Forward P/E ratio of 6.92. For comparison, its industry has an average Forward P/E of 33.68, 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 66, which puts it in the top 27% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.