Array Technologies, Inc. (ARRY) ended the recent trading session at $7.15, demonstrating a -0.14% swing from the preceding day's closing price. This change lagged the S&P 500's daily gain of 1%. Meanwhile, the Dow gained 0.78%, and the Nasdaq, a tech-heavy index, added 1.51%.
Heading into today, shares of the company had gained 34.08% over the past month, outpacing the Oils-Energy sector's loss of 3.79% and the S&P 500's loss of 2.14% in that time.
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 $0.18, showcasing a 14.29% downward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $266.83 million, indicating a 21.89% decrease compared to the same quarter of the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Array Technologies, Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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 1.99% lower. Array Technologies, Inc. is currently a Zacks Rank #3 (Hold).
Digging into valuation, Array Technologies, Inc. currently has a Forward P/E ratio of 9.06. Its industry sports an average Forward P/E of 10.16, so one might conclude that Array Technologies, Inc. is trading at a discount comparatively.
Meanwhile, ARRY's PEG ratio is currently 0.76. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Solar industry currently had an average PEG ratio of 0.73 as of yesterday's close.
The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 84, this industry ranks in the top 34% of all industries, numbering over 250.
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.
To follow ARRY in the coming trading sessions, be sure to utilize Zacks.com.
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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.
