Array Technologies, Inc. (ARRY) Exceeds Market Returns: Some Facts to Consider
The most recent trading session ended with Array Technologies, Inc. (ARRY) standing at $15.20, reflecting a +1.2% shift from the previouse trading day's closing. This move outpaced the S&P 500's daily gain of 0.58%. Elsewhere, the Dow gained 0.91%, while the tech-heavy Nasdaq added 0.3%.
Coming into today, shares of the company had gained 12.17% in the past month. In that same time, the Oils-Energy sector lost 0.35%, while the S&P 500 gained 4.61%.
Investors will be eagerly watching for the performance of Array Technologies, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 27, 2024. On that day, Array Technologies, Inc. is projected to report earnings of $0.11 per share, which would represent year-over-year growth of 10%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $319.3 million, down 20.59% from the year-ago period.
Investors should also pay attention to any latest changes in analyst estimates for Array Technologies, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.56% lower. Array Technologies, Inc. is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Array Technologies, Inc. currently has a Forward P/E ratio of 12.02. Its industry sports an average Forward P/E of 12.02, so one might conclude that Array Technologies, Inc. is trading at no noticeable deviation comparatively.
We can additionally observe that ARRY currently boasts a PEG ratio of 0.25. 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. By the end of yesterday's trading, the Solar industry had an average PEG ratio of 1.46.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 172, putting it in the bottom 32% of all 250+ industries.
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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Array Technologies, Inc. (ARRY) : Free Stock Analysis Report
