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Array Technologies, Inc. (ARRY) Soars 23.5%: Is Further Upside Left in the Stock?

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Array Technologies, Inc. (ARRY - Free Report) shares rallied 23.5% in the last trading session to close at $16.10. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 22% gain over the past four weeks.

In a recent development, majority leaders of U.S. Sensate, Chuck Schumer and Joe Manchin announced that they have reached to an agreement for spending provision of $369 billion in the U.S. clean energy industry. Such an enormous climate spending provision must have boosted the share price of Array Technologies.

This company is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of -42.9%. Revenues are expected to be $352.24 million, up 73.7% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Array Technologies, Inc., the consensus EPS estimate for the quarter has been revised 1.3% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on ARRY going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Array Technologies, Inc. belongs to the Zacks Solar industry. Another stock from the same industry, Shoals Technologies Group (SHLS - Free Report) , closed the last trading session 18.3% higher at $22.52. Over the past month, SHLS has returned 25.9%.

For Shoals Technologies, the consensus EPS estimate for the upcoming report has changed -2% over the past month to $0.07. This represents a change of -22.2% from what the company reported a year ago. Shoals Technologies currently has a Zacks Rank of #3 (Hold).

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