Canadian Solar (CSIQ - Free Report) closed the most recent trading day at $16.27, moving -1.21% from the previous trading session. This change was narrower than the S&P 500's 2.33% loss on the day. At the same time, the Dow lost 2.24%, and the tech-heavy Nasdaq lost 3.05%.
Coming into today, shares of the solar wafers manufacturer had gained 15.01% in the past month. In that same time, the Oils-Energy sector lost 7.26%, while the S&P 500 lost 1.93%.
Wall Street will be looking for positivity from CSIQ as it approaches its next earnings report date. This is expected to be March 18, 2019. On that day, CSIQ is projected to report earnings of $0.56 per share, which would represent a year-over-year decline of 44.55%. Meanwhile, our latest consensus estimate is calling for revenue of $728.65 million, down 34.28% from the prior-year quarter.
CSIQ's full-year Zacks Consensus Estimates are calling for earnings of $2.45 per share and revenue of $3.57 billion. These results would represent year-over-year changes of +44.97% and +5.35%, respectively.
Investors should also note any recent changes to analyst estimates for CSIQ. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. Over the past month, the Zacks Consensus EPS estimate has moved 41.82% higher. CSIQ is holding a Zacks Rank of #1 (Strong Buy) right now.
Digging into valuation, CSIQ currently has a Forward P/E ratio of 6.72. For comparison, its industry has an average Forward P/E of 16.81, which means CSIQ is trading at a discount to the group.
Also, we should mention that CSIQ has a PEG ratio of 0.21. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Solar stocks are, on average, holding a PEG ratio of 0.93 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 42, putting it in the top 16% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow CSIQ in the coming trading sessions, be sure to utilize Zacks.com.