Yahoo Finance Array Technologies, Inc. (ARRY) Gains As Market Dips: What You Should Know
In the latest trading session, Array Technologies, Inc. (ARRY) closed at $21.73, marking a +0.37% move from the previous day. The stock outpaced the S&P 500's daily loss of 1.53%. Meanwhile, the Dow lost 1.72%, and the Nasdaq, a tech-heavy index, lost 3.27%.
Prior to today's trading, shares of the company had gained 4.09% over the past month. This has outpaced the Oils-Energy sector's gain of 2.96% and the S&P 500's loss of 1.28% in that time.
Wall Street will be looking for positivity from Array Technologies, Inc. as it approaches its next earnings report date. This is expected to be March 15, 2023. On that day, Array Technologies, Inc. is projected to report earnings of $0.10 per share, which would represent year-over-year growth of 266.67%. Meanwhile, our latest consensus estimate is calling for revenue of $349.75 million, up 59.06% from the prior-year quarter.
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 company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 7.07% lower. Array Technologies, Inc. currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Array Technologies, Inc. currently has a Forward P/E ratio of 24.69. For comparison, its industry has an average Forward P/E of 34.17, which means Array Technologies, Inc. is trading at a discount to the group.
The Solar industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 50, which puts it in the top 20% 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.
To follow ARRY in the coming trading sessions, be sure to utilize Zacks.com.
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Array Technologies, Inc. (ARRY) : Free Stock Analysis Report
