Array Technologies, Inc. (ARRY) closed the most recent trading day at $6.81, moving +1.95% from the previous trading session. The stock’s change was more than the S&P 500’s daily gain of 0.4%. Meanwhile, the Dow experienced a rise of 0.09%, and the technology-dominated Nasdaq saw an increase of 0.63%.
Prior to today’s trading, shares of the company had gained 0.91% over the past month. This has outpaced the Oils-Energy sector’s loss of 7.82% and lagged the S&P 500’s gain of 3.76% in that time.
Market participants will be closely following the financial results of Array Technologies, Inc. in its upcoming release. The company is expected to report EPS of $0.13, down 38.1% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $227.99 million, indicating a 34.94% decline compared to the corresponding quarter of the prior year.
ARRY’s full-year Zacks Consensus Estimates are calling for earnings of $0.65 per share and revenue of $942.68 million. These results would represent year-over-year changes of -42.48% and -40.21%, respectively.
It’s also important for investors to be aware of any recent modifications to analyst estimates for Array Technologies, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts’ favorable outlook on the company’s business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we’ve crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 has shifted 0.92% downward. Array Technologies, Inc. is currently a Zacks Rank #3 (Hold).
From a valuation perspective, Array Technologies, Inc. is currently exchanging hands at a Forward P/E ratio of 10.36. This signifies a discount in comparison to the average Forward P/E of 13.22 for its industry.
Also, we should mention that ARRY has a PEG ratio of 1.1. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company’s anticipated earnings growth rate. As the market closed yesterday, the Solar industry was having an average PEG ratio of 1.1.
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 152, positioning it in the bottom 40% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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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.
