Array Technologies, Inc. (ARRY) closed at $20.81 in the latest trading session, marking a +0.53% move from the prior day. This change outpaced the S&P 500's 1.11% loss on the day. Meanwhile, the Dow lost 0.61%, and the Nasdaq, a tech-heavy index, lost 2.13%.
Prior to today's trading, shares of the company had gained 0.49% over the past month. This has lagged the Oils-Energy sector's gain of 2.43% and the S&P 500's gain of 7% in that time.
Array Technologies, Inc. will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.11, up 283.33% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $332.4 million, up 51.17% from the prior-year quarter.
Any recent changes to analyst estimates for Array Technologies, Inc. should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about 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.
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 0.16% lower. Array Technologies, Inc. is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Array Technologies, Inc. has a Forward P/E ratio of 22.34 right now. Its industry sports an average Forward P/E of 32.72, so we one might conclude that Array Technologies, Inc. is trading at a discount comparatively.
The Solar industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 44, putting it in the top 18% 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.
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