Array Technologies, Inc. (ARRY) ended the recent trading session at $11.14, demonstrating a -1.63% change from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.54%. Elsewhere, the Dow gained 1.05%, while the tech-heavy Nasdaq added 0.56%.
The company's stock has climbed by 16.99% in the past month, exceeding the Oils-Energy sector's gain of 10.35% and the S&P 500's gain of 0.74%.
The upcoming earnings release of Array Technologies, Inc. will be of great interest to investors. The company is predicted to post an EPS of $0, indicating a 100% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $210.01 million, reflecting a 23.7% fall from the equivalent quarter last year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.67 per share and revenue of $1.27 billion, indicating changes of +11.67% and 0%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Array Technologies, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.65% lower. Right now, Array Technologies, Inc. possesses a Zacks Rank of #3 (Hold).
Investors should also note Array Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 12.09. This valuation marks a discount compared to its industry average Forward P/E of 22.48.
It is also worth noting that ARRY currently has a PEG ratio of 0.62. 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. As of the close of trade yesterday, the Solar industry held an average PEG ratio of 0.67.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 97, which puts it in the top 40% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in 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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