In the latest close session, Array Technologies, Inc. (ARRY) was down 2.75% at $8.48. The stock fell short of the S&P 500, which registered a gain of 0.58% for the day.
The company's stock has climbed by 10.1% in the past month, exceeding the Oils-Energy sector's gain of 3.53% and the S&P 500's gain of 3.68%.
The investment community will be closely monitoring the performance of Array Technologies, Inc. in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $0.21, reflecting a 23.53% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $313.3 million, reflecting a 35.39% rise from the equivalent quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $0.67 per share and revenue of $1.2 billion. These totals would mark changes of +11.67% and +31.29%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Array Technologies, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 last 30 days, the Zacks Consensus EPS estimate has moved 0.24% lower. Array Technologies, Inc. presently features a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Array Technologies, Inc. has a Forward P/E ratio of 13.06 right now. This signifies a discount in comparison to the average Forward P/E of 17.18 for its industry.
We can additionally observe that ARRY currently boasts a PEG ratio of 0.69. 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 0.81.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 46, which puts it in the top 19% 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.
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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