The latest trading session saw Array Technologies, Inc. (ARRY) ending at $4.39, denoting a -0.9% adjustment from its last day's close. This move was narrower than the S&P 500's daily loss of 5.98%. On the other hand, the Dow registered a loss of 5.5%, and the technology-centric Nasdaq decreased by 5.82%.
The company's stock has dropped by 16.26% in the past month, falling short of the Oils-Energy sector's loss of 0.08% and the S&P 500's loss of 7.66%.
The investment community will be closely monitoring the performance of Array Technologies, Inc. in its forthcoming earnings report. The company is forecasted to report an EPS of $0.08, showcasing a 33.33% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $262.86 million, indicating a 71.36% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.62 per share and a revenue of $1.09 billion, representing changes of +3.33% and +19.17%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Array Technologies, Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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 last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Array Technologies, Inc. holds a Zacks Rank of #3 (Hold).
With respect to valuation, Array Technologies, Inc. is currently being traded at a Forward P/E ratio of 7.19. This represents a discount compared to its industry's average Forward P/E of 10.32.
We can also see that ARRY currently has a PEG ratio of 0.91. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Solar industry currently had an average PEG ratio of 0.63 as of yesterday's close.
The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 75, placing it within the top 31% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Array Technologies, Inc. (ARRY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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