Array Technologies, Inc. (ARRY) Dips More Than Broader Markets: What You Should Know
Array Technologies, Inc. (ARRY) closed at $18.74 in the latest trading session, marking a -0.48% move from the prior day. This change lagged the S&P 500's daily loss of 0.3%. Meanwhile, the Dow lost 0.71%, and the Nasdaq, a tech-heavy index, added 0.84%.
Heading into today, shares of the company had lost 11.39% over the past month, lagging the Oils-Energy sector's loss of 4.26% and the S&P 500's loss of 2% in that time.
Wall Street will be looking for positivity from Array Technologies, Inc. as it approaches its next earnings report date. The company is expected to report EPS of $0.11, up 283.33% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $332.4 million, up 51.17% from the prior-year quarter.
Any recent changes to analyst estimates for Array Technologies, Inc. should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
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 past month, the Zacks Consensus EPS estimate remained stagnant. Array Technologies, Inc. is currently a Zacks Rank #3 (Hold).
Investors should also note Array Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 20.32. This represents a discount compared to its industry's average Forward P/E of 33.68.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 66, which puts it in the top 27% 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.
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
