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Array Technologies, Inc. (ARRY) Stock Moves -0.49%: What You Should Know
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Array Technologies, Inc. (ARRY - Free Report) closed the most recent trading day at $18.29, moving -0.49% from the previous trading session. This move was narrower than the S&P 500's daily loss of 0.7%. Elsewhere, the Dow lost 0.8%, while the tech-heavy Nasdaq lost 1.82%.
Coming into today, shares of the company had lost 9.99% in the past month. In that same time, the Oils-Energy sector lost 2.2%, while the S&P 500 gained 0.39%.
Investors will be hoping for strength from Array Technologies, Inc. as it approaches its next earnings release, which is expected to be May 9, 2023. The company is expected to report EPS of $0.03, up 250% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $322.43 million, up 7.27% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.82 per share and revenue of $1.9 billion, which would represent changes of +115.79% and +15.39%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Array Technologies, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.83% lower. Array Technologies, Inc. is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Array Technologies, Inc. is holding a Forward P/E ratio of 22.33. This represents a discount compared to its industry's average Forward P/E of 24.44.
Also, we should mention that ARRY has a PEG ratio of 0.5. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Solar stocks are, on average, holding a PEG ratio of 0.81 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 86, putting it in the top 35% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
To follow ARRY in the coming trading sessions, be sure to utilize Zacks.com.
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Array Technologies, Inc. (ARRY) Stock Moves -0.49%: What You Should Know
Array Technologies, Inc. (ARRY - Free Report) closed the most recent trading day at $18.29, moving -0.49% from the previous trading session. This move was narrower than the S&P 500's daily loss of 0.7%. Elsewhere, the Dow lost 0.8%, while the tech-heavy Nasdaq lost 1.82%.
Coming into today, shares of the company had lost 9.99% in the past month. In that same time, the Oils-Energy sector lost 2.2%, while the S&P 500 gained 0.39%.
Investors will be hoping for strength from Array Technologies, Inc. as it approaches its next earnings release, which is expected to be May 9, 2023. The company is expected to report EPS of $0.03, up 250% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $322.43 million, up 7.27% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $0.82 per share and revenue of $1.9 billion, which would represent changes of +115.79% and +15.39%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Array Technologies, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 0.83% lower. Array Technologies, Inc. is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Array Technologies, Inc. is holding a Forward P/E ratio of 22.33. This represents a discount compared to its industry's average Forward P/E of 24.44.
Also, we should mention that ARRY has a PEG ratio of 0.5. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Solar stocks are, on average, holding a PEG ratio of 0.81 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 86, putting it in the top 35% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
To follow ARRY in the coming trading sessions, be sure to utilize Zacks.com.