Array Technologies, Inc. (ARRY) Outperforms Broader Market: What You Need to Know
The most recent trading session ended with Array Technologies, Inc. (ARRY) standing at $18.37, reflecting a +0.77% shift from the previouse trading day's closing. The stock outpaced the S&P 500's daily gain of 0.73%. Elsewhere, the Dow gained 0.62%, while the tech-heavy Nasdaq added 0.93%.
Shares of the company have depreciated by 21.22% over the course of the past month, underperforming the Oils-Energy sector's loss of 0.7% and the S&P 500's loss of 2.29%.
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 November 7, 2023. The company's earnings per share (EPS) are projected to be $0.11, reflecting a 38.89% decrease from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $388.29 million, down 24.61% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.03 per share and revenue of $1.69 billion, which would represent changes of +171.05% and +3.11%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Array Technologies, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. At present, Array Technologies, Inc. boasts a Zacks Rank of #1 (Strong Buy).
In the context of valuation, Array Technologies, Inc. is at present trading with a Forward P/E ratio of 17.78. This valuation marks a discount compared to its industry's average Forward P/E of 18.67.
Investors should also note that ARRY has a PEG ratio of 0.35 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Solar stocks are, on average, holding a PEG ratio of 0.53 based on yesterday's closing prices.
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 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.
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
