Canadian Solar (CSIQ - Free Report) closed the most recent trading day at $23.63, moving +0.3% from the previous trading session. This change traded in line with S&P 500. Meanwhile, the Dow lost 0.38%, and the Nasdaq, a tech-heavy index, added 0.44%.
Prior to today's trading, shares of the solar wafers manufacturer had gained 10.45% over the past month. This has outpaced the Oils-Energy sector's gain of 2.34% and the S&P 500's gain of 2.91% in that time.
Wall Street will be looking for positivity from CSIQ as it approaches its next earnings report date. This is expected to be March 21, 2019. The company is expected to report EPS of $0.70, down 30.69% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $874.12 million, down 21.16% from the year-ago period.
Investors should also note any recent changes to analyst estimates for CSIQ. 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. CSIQ currently has a Zacks Rank of #1 (Strong Buy).
Valuation is also important, so investors should note that CSIQ has a Forward P/E ratio of 10.4 right now. For comparison, its industry has an average Forward P/E of 16.91, which means CSIQ is trading at a discount to the group.
Investors should also note that CSIQ has a PEG ratio of 0.33 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Solar was holding an average PEG ratio of 0.63 at yesterday's closing price.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 28, which puts it in the top 11% 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.