Array Technologies, Inc. (ARRY) closed at $5.90 in the latest trading session, marking a -8.39% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.52%. Elsewhere, the Dow saw an upswing of 0.63%, while the tech-heavy Nasdaq appreciated by 0.48%.
The company's stock has dropped by 2.42% in the past month, falling short of the Oils-Energy sector's gain of 3.92% and the S&P 500's gain of 4.27%.
The investment community will be paying close attention to the earnings performance of Array Technologies, Inc. in its upcoming release. The company is forecasted to report an EPS of $0.19, showcasing a 5% downward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $290.06 million, reflecting a 13.41% rise from the equivalent quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $0.64 per share and a revenue of $1.1 billion, signifying shifts of +6.67% and +20.1%, respectively, from the last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Array Technologies, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.45% higher. Array Technologies, Inc. is currently sporting a Zacks Rank of #3 (Hold).
Investors should also note Array Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 10.13. Its industry sports an average Forward P/E of 15.09, so one might conclude that Array Technologies, Inc. is trading at a discount comparatively.
It's also important to note that ARRY currently trades at a PEG ratio of 0.46. 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 0.51 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 150, placing it within the bottom 40% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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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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