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Array Technologies, Inc. (ARRY) Stock Sinks As Market Gains: Here's Why
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In the latest market close, Array Technologies, Inc. (ARRY - Free Report) reached $14.16, with a -0.07% movement compared to the previous day. The stock's change was less than the S&P 500's daily gain of 0.06%. Elsewhere, the Dow saw an upswing of 0.13%, while the tech-heavy Nasdaq appreciated by 0.24%.
Coming into today, shares of the company had lost 4.32% in the past month. In that same time, the Oils-Energy sector lost 1.2%, while the S&P 500 gained 6.45%.
Analysts and investors alike will be keeping a close eye on the performance of Array Technologies, Inc. in its upcoming earnings disclosure. The company's earnings report is set to go public on February 27, 2024. The company's earnings per share (EPS) are projected to be $0.11, reflecting a 10% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $319.3 million, indicating a 20.59% decline compared to the corresponding quarter of the prior year.
Investors might also notice recent changes to analyst estimates for Array Technologies, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.2% decrease. Currently, Array Technologies, Inc. is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Array Technologies, Inc. is presently trading at a Forward P/E ratio of 11.34. This valuation marks no noticeable deviation compared to its industry's average Forward P/E of 11.34.
It's also important to note that ARRY currently trades at a PEG ratio of 0.24. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Solar industry stood at 1.4 at the close of the market yesterday.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 115, finds itself in the top 46% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Array Technologies, Inc. (ARRY) Stock Sinks As Market Gains: Here's Why
In the latest market close, Array Technologies, Inc. (ARRY - Free Report) reached $14.16, with a -0.07% movement compared to the previous day. The stock's change was less than the S&P 500's daily gain of 0.06%. Elsewhere, the Dow saw an upswing of 0.13%, while the tech-heavy Nasdaq appreciated by 0.24%.
Coming into today, shares of the company had lost 4.32% in the past month. In that same time, the Oils-Energy sector lost 1.2%, while the S&P 500 gained 6.45%.
Analysts and investors alike will be keeping a close eye on the performance of Array Technologies, Inc. in its upcoming earnings disclosure. The company's earnings report is set to go public on February 27, 2024. The company's earnings per share (EPS) are projected to be $0.11, reflecting a 10% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $319.3 million, indicating a 20.59% decline compared to the corresponding quarter of the prior year.
Investors might also notice recent changes to analyst estimates for Array Technologies, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.2% decrease. Currently, Array Technologies, Inc. is carrying a Zacks Rank of #3 (Hold).
Looking at valuation, Array Technologies, Inc. is presently trading at a Forward P/E ratio of 11.34. This valuation marks no noticeable deviation compared to its industry's average Forward P/E of 11.34.
It's also important to note that ARRY currently trades at a PEG ratio of 0.24. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Solar industry stood at 1.4 at the close of the market yesterday.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 115, finds itself in the top 46% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.