Array Technologies, Inc. (ARRY) closed at $22.09 in the latest trading session, marking a +1.33% move from the prior day. This change outpaced the S&P 500’s 1.22% gain on the day. Meanwhile, the Dow gained 1.26%, and the Nasdaq, a tech-heavy index, added 4.63%.
Heading into today, shares of the company had lost 3.88% over the past month, lagging the Oils-Energy sector’s gain of 2.49% and the S&P 500’s gain of 6.22% in that time.
Investors will be hoping for strength from Array Technologies, Inc. as it approaches its next earnings release. In that report, analysts expect Array Technologies, Inc. to post earnings of $0.21 per share. This would mark year-over-year growth of 133.33%. Our most recent consensus estimate is calling for quarterly revenue of $467.23 million, up 9.95% from the year-ago period.
ARRY’s full-year Zacks Consensus Estimates are calling for earnings of $0.89 per share and revenue of $1.85 billion. These results would represent year-over-year changes of +134.21% and +12.91%, respectively.
Investors should also note any recent changes to analyst estimates for Array Technologies, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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. The Zacks Consensus EPS estimate has moved 0.88% lower within the past month. Array Technologies, Inc. is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Array Technologies, Inc.’s current valuation metrics, including its Forward P/E ratio of 24.55. This represents a discount compared to its industry’s average Forward P/E of 24.81.
We can also see that ARRY currently has a PEG ratio of 0.55. 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 0.89 as of yesterday’s close.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 109, putting it in the top 44% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.3% per year. So be sure to give these hand-picked 7 your immediate attention.
Array Technologies, Inc. (ARRY) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
