Array Technologies, Inc. (ARRY) Outpaces Stock Market Gains: What You Should Know
Array Technologies, Inc. (ARRY) ended the recent trading session at $13.40, demonstrating a +1.75% swing from the preceding day's closing price. The stock exceeded the S&P 500, which registered a gain of 0.04% for the day. Elsewhere, the Dow gained 0.16%, while the tech-heavy Nasdaq lost 0.28%.
Heading into today, shares of the company had lost 0.3% over the past month, lagging the Oils-Energy sector's gain of 6.05% and the S&P 500's gain of 5.01% in that time.
The investment community will be closely monitoring the performance of Array Technologies, Inc. in its forthcoming earnings report. The company is scheduled to release its earnings 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 latest consensus estimate predicts the revenue to be $319.3 million, indicating a 20.59% decrease compared to the same quarter of the previous year.
Investors should also pay attention to any latest changes in analyst estimates for Array Technologies, Inc. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1% lower within the past month. Right now, Array Technologies, Inc. possesses a Zacks Rank of #5 (Strong Sell).
In terms of valuation, Array Technologies, Inc. is presently being traded at a Forward P/E ratio of 10.54. This denotes a discount relative to the industry's average Forward P/E of 10.96.
Meanwhile, ARRY's PEG ratio is currently 0.22. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Solar industry held an average PEG ratio of 1.37.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 173, which puts it in the bottom 32% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Array Technologies, Inc. (ARRY) : Free Stock Analysis Report
