We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Array Technologies, Inc. (ARRY) Stock Sinks As Market Gains: What You Should Know
Read MoreHide Full Article
Array Technologies, Inc. (ARRY - Free Report) closed at $19.15 in the latest trading session, marking a -0.57% move from the prior day. This change lagged the S&P 500's daily gain of 0.03%. At the same time, the Dow added 0.01%, and the tech-heavy Nasdaq lost 1.37%.
Coming into today, shares of the company had lost 7.27% in the past month. In that same time, the Oils-Energy sector gained 3.85%, while the S&P 500 gained 3.43%.
Wall Street will be looking for positivity from Array Technologies, Inc. as it approaches its next earnings report date. This is expected to be August 8, 2023. On that day, Array Technologies, Inc. is projected to report earnings of $0.20 per share, which would represent year-over-year growth of 122.22%. Our most recent consensus estimate is calling for quarterly revenue of $445.84 million, up 4.92% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $0.90 per share and revenue of $1.85 billion. These totals would mark changes of +136.84% and +12.76%, respectively, from last year.
Any recent changes to analyst estimates for Array Technologies, Inc. should also be noted by investors. 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 0.79% higher. Array Technologies, Inc. is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Array Technologies, Inc. is currently trading at a Forward P/E ratio of 21.4. This valuation marks a discount compared to its industry's average Forward P/E of 28.16.
We can also see that ARRY currently has a PEG ratio of 0.48. 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. ARRY's industry had an average PEG ratio of 0.73 as of yesterday's close.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 178, which puts it in the bottom 30% 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.
To follow ARRY in the coming trading sessions, be sure to utilize Zacks.com.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Array Technologies, Inc. (ARRY) Stock Sinks As Market Gains: What You Should Know
Array Technologies, Inc. (ARRY - Free Report) closed at $19.15 in the latest trading session, marking a -0.57% move from the prior day. This change lagged the S&P 500's daily gain of 0.03%. At the same time, the Dow added 0.01%, and the tech-heavy Nasdaq lost 1.37%.
Coming into today, shares of the company had lost 7.27% in the past month. In that same time, the Oils-Energy sector gained 3.85%, while the S&P 500 gained 3.43%.
Wall Street will be looking for positivity from Array Technologies, Inc. as it approaches its next earnings report date. This is expected to be August 8, 2023. On that day, Array Technologies, Inc. is projected to report earnings of $0.20 per share, which would represent year-over-year growth of 122.22%. Our most recent consensus estimate is calling for quarterly revenue of $445.84 million, up 4.92% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $0.90 per share and revenue of $1.85 billion. These totals would mark changes of +136.84% and +12.76%, respectively, from last year.
Any recent changes to analyst estimates for Array Technologies, Inc. should also be noted by investors. 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 0.79% higher. Array Technologies, Inc. is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Array Technologies, Inc. is currently trading at a Forward P/E ratio of 21.4. This valuation marks a discount compared to its industry's average Forward P/E of 28.16.
We can also see that ARRY currently has a PEG ratio of 0.48. 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. ARRY's industry had an average PEG ratio of 0.73 as of yesterday's close.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 178, which puts it in the bottom 30% 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.
To follow ARRY in the coming trading sessions, be sure to utilize Zacks.com.