Array Technologies, Inc. (ARRY) closed the most recent trading day at $24.78, moving -1.39% from the previous trading session. This change was narrower than the S&P 500's 1.64% loss on the day. At the same time, the Dow lost 1.08%, and the tech-heavy Nasdaq lost 1.82%.
Prior to today's trading, shares of the company had gained 13.15% over the past month. This has outpaced the Oils-Energy sector's gain of 3.68% and the S&P 500's gain of 0.89% in that time.
Array Technologies, Inc. will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.11, down 38.89% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $388.29 million, down 24.61% from the prior-year quarter.
ARRY's full-year Zacks Consensus Estimates are calling for earnings of $1.03 per share and revenue of $1.69 billion. These results would represent year-over-year changes of +171.05% and +3.11%, respectively.
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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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. Within the past 30 days, our consensus EPS projection has moved 3.21% higher. Array Technologies, Inc. currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Array Technologies, Inc. is currently trading at a Forward P/E ratio of 24.52. This valuation marks a premium compared to its industry's average Forward P/E of 21.71.
Investors should also note that ARRY has a PEG ratio of 0.49 right now. 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. ARRY's industry had an average PEG ratio of 0.69 as of yesterday's close.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 112, which puts it in the top 45% 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.
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