Array Technologies, Inc. (ARRY) Advances While Market Declines: Some Information for Investors

Array Technologies, Inc. (ARRY) closed at $4.55 in the latest trading session, marking a +1.56% move from the prior day. The stock outperformed the S&P 500, which registered a daily loss of 0.59%. At the same time, the Dow lost 0.6%, and the tech-heavy Nasdaq lost 0.65%.

Prior to today's trading, shares of the company had lost 13.68% lagged the Oils-Energy sector's gain of 9.15% and the S&P 500's loss of 1.37%.

The investment community will be paying close attention to the earnings performance of Array Technologies, Inc. in its upcoming release. In that report, analysts expect Array Technologies, Inc. to post earnings of $0.12 per share. This would mark a year-over-year decline of 60%. Meanwhile, our latest consensus estimate is calling for revenue of $343.72 million, down 12.65% from the prior-year quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.74 per share and revenue of $1.43 billion, indicating changes of +10.45% and +11.61%, respectively, compared to the previous 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. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.04% higher within the past month. Currently, Array Technologies, Inc. is carrying a Zacks Rank of #3 (Hold).

In terms of valuation, Array Technologies, Inc. is currently trading at a Forward P/E ratio of 6.05. Its industry sports an average Forward P/E of 11.43, so one might conclude that Array Technologies, Inc. is trading at a discount comparatively.

Investors should also note that ARRY has a PEG ratio of 0.55 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Solar industry currently had an average PEG ratio of 0.64 as of yesterday's close.

The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 233, placing it within the bottom 6% of over 250 industries.

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 follow all of these stock-moving metrics, and many more, on Zacks.com.

Research Chief Names "Single Best Pick to Double"

From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.

This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research