Array Technologies, Inc. (ARRY) Stock Sinks As Market Gains: Here's Why
The most recent trading session ended with Array Technologies, Inc. (ARRY) standing at $13.68, reflecting a -0.29% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily gain of 1.07%. Elsewhere, the Dow saw an upswing of 0.35%, while the tech-heavy Nasdaq appreciated by 1.74%.
The company's shares have seen a decrease of 11.14% over the last month, not keeping up with the Oils-Energy sector's loss of 0.76% and the S&P 500's gain of 2.93%.
Market participants will be closely following the financial results of Array Technologies, Inc. in its upcoming release. The company's earnings per share (EPS) are projected to be $0.11, reflecting a 10% increase from the same quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $319.3 million, reflecting a 20.59% fall from the equivalent quarter last year.
Investors might also notice recent changes to analyst estimates for Array Technologies, Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.05% decrease. At present, Array Technologies, Inc. boasts a Zacks Rank of #3 (Hold).
Investors should also note Array Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 10.98. This indicates a discount in contrast to its industry's Forward P/E of 11.19.
We can also see that ARRY currently has a PEG ratio of 0.23. 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. The Solar industry had an average PEG ratio of 1.35 as trading concluded yesterday.
The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 184, this industry ranks in the bottom 27% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow ARRY in the coming trading sessions, be sure to utilize Zacks.com.
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Array Technologies, Inc. (ARRY) : Free Stock Analysis Report
