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Array Technologies, Inc. (ARRY) Stock Sinks As Market Gains: Here's Why
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In the latest close session, Array Technologies, Inc. (ARRY - Free Report) was down 4.41% at $3.90. This change lagged the S&P 500's daily gain of 0.66%. Meanwhile, the Dow experienced a rise of 0.18%, and the technology-dominated Nasdaq saw an increase of 1.05%.
Shares of the company have depreciated by 11.3% over the course of the past month, underperforming the Oils-Energy sector's loss of 2.73%, and the S&P 500's gain of 0.55%.
Investors will be eagerly watching for the performance of Array Technologies, Inc. in its upcoming earnings disclosure. On that day, Array Technologies, Inc. is projected to report earnings of $0.11 per share, which would represent a year-over-year decline of 63.33%. Simultaneously, our latest consensus estimate expects the revenue to be $321.61 million, showing a 18.27% drop compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.73 per share and revenue of $1.43 billion, indicating changes of +8.96% and +11.65%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Array Technologies, Inc. should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for 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, 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 past month, the Zacks Consensus EPS estimate has shifted 0.78% downward. As of now, Array Technologies, Inc. holds a Zacks Rank of #3 (Hold).
Digging into valuation, Array Technologies, Inc. currently has a Forward P/E ratio of 5.56. Its industry sports an average Forward P/E of 13.37, so one might conclude that Array Technologies, Inc. is trading at a discount comparatively.
Also, we should mention that ARRY has a PEG ratio of 0.51. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Solar stocks are, on average, holding a PEG ratio of 0.66 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 209, finds itself in the bottom 16% echelons of all 250+ industries.
The Zacks Industry Rank is ordered 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 Sinks As Market Gains: Here's Why
In the latest close session, Array Technologies, Inc. (ARRY - Free Report) was down 4.41% at $3.90. This change lagged the S&P 500's daily gain of 0.66%. Meanwhile, the Dow experienced a rise of 0.18%, and the technology-dominated Nasdaq saw an increase of 1.05%.
Shares of the company have depreciated by 11.3% over the course of the past month, underperforming the Oils-Energy sector's loss of 2.73%, and the S&P 500's gain of 0.55%.
Investors will be eagerly watching for the performance of Array Technologies, Inc. in its upcoming earnings disclosure. On that day, Array Technologies, Inc. is projected to report earnings of $0.11 per share, which would represent a year-over-year decline of 63.33%. Simultaneously, our latest consensus estimate expects the revenue to be $321.61 million, showing a 18.27% drop compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.73 per share and revenue of $1.43 billion, indicating changes of +8.96% and +11.65%, respectively, compared to the previous year.
Any recent changes to analyst estimates for Array Technologies, Inc. should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for 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, 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 past month, the Zacks Consensus EPS estimate has shifted 0.78% downward. As of now, Array Technologies, Inc. holds a Zacks Rank of #3 (Hold).
Digging into valuation, Array Technologies, Inc. currently has a Forward P/E ratio of 5.56. Its industry sports an average Forward P/E of 13.37, so one might conclude that Array Technologies, Inc. is trading at a discount comparatively.
Also, we should mention that ARRY has a PEG ratio of 0.51. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. Solar stocks are, on average, holding a PEG ratio of 0.66 based on yesterday's closing prices.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 209, finds itself in the bottom 16% echelons of all 250+ industries.
The Zacks Industry Rank is ordered 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.