In the latest trading session, Canadian Solar (CSIQ) closed at $18.50, marking a -1.33% move from the previous day. This move lagged the S&P 500's daily loss of 0.08%. At the same time, the Dow added 0.06%, and the tech-heavy Nasdaq lost 0.07%.
Heading into today, shares of the solar wafers manufacturer had lost 15.46% over the past month, lagging the Oils-Energy sector's loss of 0.37% and the S&P 500's gain of 0.52% in that time.
Wall Street will be looking for positivity from CSIQ as it approaches its next earnings report date.
Any recent changes to analyst estimates for CSIQ should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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. The Zacks Consensus EPS estimate has moved 2.72% higher within the past month. CSIQ currently has a Zacks Rank of #1 (Strong Buy).
In terms of valuation, CSIQ is currently trading at a Forward P/E ratio of 8.89. Its industry sports an average Forward P/E of 12.96, so we one might conclude that CSIQ is trading at a discount comparatively.
Investors should also note that CSIQ has a PEG ratio of 0.28 right now. 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. The Solar was holding an average PEG ratio of 0.58 at yesterday's closing price.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 14, which puts it in the top 6% 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.
Canadian Solar Inc. (CSIQ): Free Stock Analysis Report
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