Array Technologies, Inc. (ARRY) Advances But Underperforms Market: Key Facts
Array Technologies, Inc. (ARRY) closed at $17.18 in the latest trading session, marking a +0.64% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 1.2%. Meanwhile, the Dow experienced a rise of 1.58%, and the technology-dominated Nasdaq saw an increase of 1.16%.
The company's shares have seen a decrease of 23.07% over the last month, not keeping up with the Oils-Energy sector's loss of 5.73% and the S&P 500's loss of 3.58%.
Analysts and investors alike will be keeping a close eye on the performance of Array Technologies, Inc. in its upcoming earnings disclosure. The company's earnings report is set to go public on November 7, 2023. In that report, analysts expect Array Technologies, Inc. to post earnings of $0.11 per share. This would mark a year-over-year decline of 38.89%. Meanwhile, our latest consensus estimate is calling for revenue of $388.29 million, down 24.61% from the prior-year quarter.
ARRY's full-year Zacks Consensus Estimates are calling for earnings of $1.03 per share and revenue of $1.69 billion. These results would represent year-over-year changes of +171.05% and +3.11%, respectively.
Any recent changes to analyst estimates for Array Technologies, Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Array Technologies, Inc. presently features a Zacks Rank of #1 (Strong Buy).
In terms of valuation, Array Technologies, Inc. is currently trading at a Forward P/E ratio of 16.65. This represents a discount compared to its industry's average Forward P/E of 16.7.
Investors should also note that ARRY has a PEG ratio of 0.33 right now. 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 average PEG ratio for the Solar industry stood at 0.57 at the close of the market yesterday.
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 204, positioning it in the bottom 20% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Array Technologies, Inc. (ARRY) : Free Stock Analysis Report
