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Array Technologies, Inc. (ARRY) Stock Drops Despite Market Gains: Important Facts to Note
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Array Technologies, Inc. (ARRY - Free Report) closed at $6.97 in the latest trading session, marking a -5.04% move from the prior day. This change lagged the S&P 500's daily gain of 0.44%. Elsewhere, the Dow gained 0.36%, while the tech-heavy Nasdaq added 0.54%.
Coming into today, shares of the company had gained 7.78% in the past month. In that same time, the Oils-Energy sector gained 7.22%, while the S&P 500 lost 3.31%.
Market participants will be closely following the financial results of Array Technologies, Inc. in its upcoming release. The company is expected to report EPS of $0, down 100% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $200.61 million, indicating a 33.65% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.76 per share and a revenue of $1.47 billion, representing changes of +13.43% and +14.1%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Array Technologies, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.78% decrease. Array Technologies, Inc. currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Array Technologies, Inc. is currently trading at a Forward P/E ratio of 9.61. This indicates a discount in contrast to its industry's Forward P/E of 16.4.
It is also worth noting that ARRY currently has a PEG ratio of 0.49. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Solar industry was having an average PEG ratio of 0.67.
The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 200, this industry ranks in the bottom 19% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Array Technologies, Inc. (ARRY) Stock Drops Despite Market Gains: Important Facts to Note
Array Technologies, Inc. (ARRY - Free Report) closed at $6.97 in the latest trading session, marking a -5.04% move from the prior day. This change lagged the S&P 500's daily gain of 0.44%. Elsewhere, the Dow gained 0.36%, while the tech-heavy Nasdaq added 0.54%.
Coming into today, shares of the company had gained 7.78% in the past month. In that same time, the Oils-Energy sector gained 7.22%, while the S&P 500 lost 3.31%.
Market participants will be closely following the financial results of Array Technologies, Inc. in its upcoming release. The company is expected to report EPS of $0, down 100% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $200.61 million, indicating a 33.65% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $0.76 per share and a revenue of $1.47 billion, representing changes of +13.43% and +14.1%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Array Technologies, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.78% decrease. Array Technologies, Inc. currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Array Technologies, Inc. is currently trading at a Forward P/E ratio of 9.61. This indicates a discount in contrast to its industry's Forward P/E of 16.4.
It is also worth noting that ARRY currently has a PEG ratio of 0.49. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Solar industry was having an average PEG ratio of 0.67.
The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 200, this industry ranks in the bottom 19% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.