We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Canadian Solar (CSIQ) Dips More Than Broader Markets: What You Should Know
Read MoreHide Full Article
Canadian Solar (CSIQ - Free Report) closed the most recent trading day at $36.93, moving -1.31% from the previous trading session. This change lagged the S&P 500's daily loss of 0.04%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq gained 2.14%.
Coming into today, shares of the solar wafers manufacturer had lost 6% in the past month. In that same time, the Oils-Energy sector gained 4.67%, while the S&P 500 gained 5.1%.
Canadian Solar will be looking to display strength as it nears its next earnings release, which is expected to be May 18, 2023. On that day, Canadian Solar is projected to report earnings of $0.48 per share, which would represent year-over-year growth of 242.86%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.67 billion, up 33.6% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.30 per share and revenue of $8.99 billion, which would represent changes of +54.07% and +20.39%, respectively, from the prior year.
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. 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. 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 has moved 1.21% lower. Canadian Solar currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Canadian Solar has a Forward P/E ratio of 7.07 right now. Its industry sports an average Forward P/E of 25.02, 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 93, which puts it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Canadian Solar (CSIQ) Dips More Than Broader Markets: What You Should Know
Canadian Solar (CSIQ - Free Report) closed the most recent trading day at $36.93, moving -1.31% from the previous trading session. This change lagged the S&P 500's daily loss of 0.04%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq gained 2.14%.
Coming into today, shares of the solar wafers manufacturer had lost 6% in the past month. In that same time, the Oils-Energy sector gained 4.67%, while the S&P 500 gained 5.1%.
Canadian Solar will be looking to display strength as it nears its next earnings release, which is expected to be May 18, 2023. On that day, Canadian Solar is projected to report earnings of $0.48 per share, which would represent year-over-year growth of 242.86%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.67 billion, up 33.6% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.30 per share and revenue of $8.99 billion, which would represent changes of +54.07% and +20.39%, respectively, from the prior year.
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. 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. 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 has moved 1.21% lower. Canadian Solar currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Canadian Solar has a Forward P/E ratio of 7.07 right now. Its industry sports an average Forward P/E of 25.02, 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 93, which puts it in the top 37% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.