In the latest trading session, Canadian Solar (CSIQ) closed at $37.99, marking a -0.05% move from the previous day. This change was narrower than the S&P 500's 3.53% loss on the day. At the same time, the Dow lost 3.44%, and the tech-heavy Nasdaq lost 3.73%.
Heading into today, shares of the solar wafers manufacturer had gained 11.66% over the past month, outpacing the Oils-Energy sector's loss of 2.27% and the S&P 500's gain of 2.89% in that time.
Investors will be hoping for strength from CSIQ as it approaches its next earnings release. In that report, analysts expect CSIQ to post earnings of -$0.04 per share. This would mark a year-over-year decline of 106.06%. Meanwhile, our latest consensus estimate is calling for revenue of $860.54 million, up 13.25% from the prior-year quarter.
CSIQ's full-year Zacks Consensus Estimates are calling for earnings of $2.60 per share and revenue of $3.52 billion. These results would represent year-over-year changes of +18.72% and +10.12%, respectively.
It is also important to note the recent changes to analyst estimates for CSIQ. These revisions help to show the ever-changing nature of near-term business trends. 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.
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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. CSIQ is currently sporting a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that CSIQ has a Forward P/E ratio of 14.62 right now. This valuation marks a discount compared to its industry's average Forward P/E of 38.32.
Also, we should mention that CSIQ has a PEG ratio of 0.46. 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. Solar stocks are, on average, holding a PEG ratio of 2.3 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 112, which puts it in the top 45% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.
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Canadian Solar Inc. (CSIQ): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
