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Canadian Solar (CSIQ) Stock Sinks As Market Gains: What You Should Know
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Canadian Solar (CSIQ - Free Report) closed at $37.07 in the latest trading session, marking a -0.4% move from the prior day. This move lagged the S&P 500's daily gain of 0.05%. Meanwhile, the Dow lost 0.17%, and the Nasdaq, a tech-heavy index, added 6.02%.
Heading into today, shares of the solar wafers manufacturer had lost 1.79% over the past month, outpacing the Oils-Energy sector's loss of 4.4% and lagging the S&P 500's gain of 1.18% in that time.
Wall Street will be looking for positivity from Canadian Solar as it approaches its next earnings report date. This 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%. Our most recent consensus estimate is calling for quarterly revenue 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.
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. The Zacks Consensus EPS estimate has moved 1.1% higher within the past month. Canadian Solar is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Canadian Solar currently has a Forward P/E ratio of 7.03. This valuation marks a discount compared to its industry's average Forward P/E of 23.8.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 89, which puts it in the top 36% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Canadian Solar (CSIQ) Stock Sinks As Market Gains: What You Should Know
Canadian Solar (CSIQ - Free Report) closed at $37.07 in the latest trading session, marking a -0.4% move from the prior day. This move lagged the S&P 500's daily gain of 0.05%. Meanwhile, the Dow lost 0.17%, and the Nasdaq, a tech-heavy index, added 6.02%.
Heading into today, shares of the solar wafers manufacturer had lost 1.79% over the past month, outpacing the Oils-Energy sector's loss of 4.4% and lagging the S&P 500's gain of 1.18% in that time.
Wall Street will be looking for positivity from Canadian Solar as it approaches its next earnings report date. This 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%. Our most recent consensus estimate is calling for quarterly revenue 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.
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. The Zacks Consensus EPS estimate has moved 1.1% higher within the past month. Canadian Solar is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Canadian Solar currently has a Forward P/E ratio of 7.03. This valuation marks a discount compared to its industry's average Forward P/E of 23.8.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 89, which puts it in the top 36% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.