Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5974
    -0.0032 (-0.53%)
     
  • NZD/EUR

    0.5532
    -0.0011 (-0.19%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    82.99
    +1.64 (+2.02%)
     
  • GOLD

    2,241.60
    +28.90 (+1.31%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • NZD/JPY

    90.3780
    -0.4020 (-0.44%)
     

Array Technologies, Inc. (ARRY) Gains But Lags Market: What You Should Know

Array Technologies, Inc. (ARRY) closed the most recent trading day at $20.49, moving +0.94% from the previous trading session. This move lagged the S&P 500's daily gain of 1.96%. Meanwhile, the Dow gained 1.57%, and the Nasdaq, a tech-heavy index, lost 3.03%.

Heading into today, shares of the company had gained 3.47% over the past month, lagging the Oils-Energy sector's gain of 6.43% and outpacing the S&P 500's gain of 2.19% in that time.

Investors will be hoping for strength from Array Technologies, Inc. as it approaches its next earnings release, which is expected to be May 9, 2023. The company is expected to report EPS of $0.03, up 250% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $322.43 million, up 7.27% from the year-ago period.

ARRY's full-year Zacks Consensus Estimates are calling for earnings of $0.82 per share and revenue of $1.9 billion. These results would represent year-over-year changes of +115.79% and +15.39%, respectively.

ADVERTISEMENT

It is also important to note the recent changes to analyst estimates for Array Technologies, Inc.These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.83% lower. 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 24.67. This valuation marks a discount compared to its industry's average Forward P/E of 26.15.

Also, we should mention that ARRY has a PEG ratio of 0.55. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Solar was holding an average PEG ratio of 0.81 at yesterday's closing price.

The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 66, which puts it in the top 27% of all 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.

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

Array Technologies, Inc. (ARRY) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research