Canadian Solar (CSIQ) Gains As Market Dips: What You Should Know – Yahoo Finance

Canadian Solar (CSIQ) closed at $34.55 in the latest trading session, marking a +1.71% move from the prior day. This change outpaced the S&P 500’s 0.7% loss on the day. At the same time, the Dow lost 0.54%, and the tech-heavy Nasdaq lost 1.17%.
Coming into today, shares of the solar wafers manufacturer had lost 9.05% in the past month. In that same time, the Oils-Energy sector gained 6.07%, while the S&P 500 gained 2.35%.
Investors will be hoping for strength from Canadian Solar as it approaches its next earnings release, which is expected to be August 22, 2023. In that report, analysts expect Canadian Solar to post earnings of $1.52 per share. This would mark year-over-year growth of 42.06%. Our most recent consensus estimate is calling for quarterly revenue of $2.5 billion, up 8.12% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.76 per share and revenue of $9.29 billion, which would represent changes of +67.44% and +24.43%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Canadian Solar. Recent revisions tend to reflect the latest 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. The Zacks Consensus EPS estimate has moved 0.09% higher within the past month. Canadian Solar is holding a Zacks Rank of #2 (Buy) right now.
Investors should also note Canadian Solar’s current valuation metrics, including its Forward P/E ratio of 5.9. Its industry sports an average Forward P/E of 26.31, so we one might conclude that Canadian Solar is trading at a discount comparatively.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 170, which puts it in the bottom 33% 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.
Make sure to utilize to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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