Array Technologies, Inc. (ARRY) Falls More Steeply Than Broader Market: What Investors Need to Know
In the latest market close, Array Technologies, Inc. (ARRY) reached $13.02, with a -1.44% movement compared to the previous day. The stock's performance was behind the S&P 500's daily loss of 0.07%. On the other hand, the Dow registered a gain of 0.16%, and the technology-centric Nasdaq decreased by 0.36%.
The company's shares have seen a decrease of 22.7% over the last month, not keeping up with the Oils-Energy sector's loss of 2.53% and the S&P 500's gain of 3.05%.
Investors will be eagerly watching for the performance of Array Technologies, Inc. in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.11, indicating a 10% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $322.34 million, indicating a 19.83% decrease compared to the same quarter of the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Array Technologies, Inc. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional 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, there's been a 4.1% fall in the Zacks Consensus EPS estimate. Currently, Array Technologies, Inc. is carrying a Zacks Rank of #3 (Hold).
With respect to valuation, Array Technologies, Inc. is currently being traded at a Forward P/E ratio of 10.48. This expresses a discount compared to the average Forward P/E of 11.3 of its industry.
Investors should also note that ARRY has a PEG ratio of 0.22 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. By the end of yesterday's trading, the Solar industry had an average PEG ratio of 1.05.
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 221, positioning it in the bottom 13% 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Array Technologies, Inc. (ARRY) : Free Stock Analysis Report
