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Canadian Solar (CSIQ) Surges 6.7%: Is This an Indication of Further Gains?
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Canadian Solar (CSIQ - Free Report) shares soared 6.7% in the last trading session to close at $10.78. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.5% loss over the past four weeks.
Shares of Canadian Solar surged primarily tracking a broader rally in renewable energy and solar stocks following the U.S. midterm election results. Investors became optimistic that Democrats gaining control of Congress could create a more supportive policy environment for the clean energy industry by potentially restoring or strengthening federal renewable energy incentives, including solar tax credits, and limiting efforts by the Trump administration to roll back existing clean energy policies.
This solar wafers manufacturer is expected to post quarterly loss of $1.05 per share in its upcoming report, which represents a year-over-year change of -81%. Revenues are expected to be $1.4 billion, down 5.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Canadian Solar, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CSIQ going forward to see if this recent jump can turn into more strength down the road.
Canadian Solar is part of the Zacks Solar industry. T1 Energy Inc (TE - Free Report) , another stock in the same industry, closed the last trading session 3.5% lower at $2.73. TE has returned -25.5% in the past month.
For T1 Energy Inc, the consensus EPS estimate for the upcoming report has changed -9.5% over the past month to -$0.12. This represents a change of +85.9% from what the company reported a year ago. T1 Energy Inc currently has a Zacks Rank of #4 (Sell).
View the Zacks #1 Rank List
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Canadian Solar (CSIQ) Surges 6.7%: Is This an Indication of Further Gains?
Canadian Solar (CSIQ - Free Report) shares soared 6.7% in the last trading session to close at $10.78. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 12.5% loss over the past four weeks.
Shares of Canadian Solar surged primarily tracking a broader rally in renewable energy and solar stocks following the U.S. midterm election results. Investors became optimistic that Democrats gaining control of Congress could create a more supportive policy environment for the clean energy industry by potentially restoring or strengthening federal renewable energy incentives, including solar tax credits, and limiting efforts by the Trump administration to roll back existing clean energy policies.
This solar wafers manufacturer is expected to post quarterly loss of $1.05 per share in its upcoming report, which represents a year-over-year change of -81%. Revenues are expected to be $1.4 billion, down 5.6% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Canadian Solar, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CSIQ going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Canadian Solar is part of the Zacks Solar industry. T1 Energy Inc (TE - Free Report) , another stock in the same industry, closed the last trading session 3.5% lower at $2.73. TE has returned -25.5% in the past month.
For T1 Energy Inc, the consensus EPS estimate for the upcoming report has changed -9.5% over the past month to -$0.12. This represents a change of +85.9% from what the company reported a year ago. T1 Energy Inc currently has a Zacks Rank of #4 (Sell).