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Array Technologies, Inc. (ARRY) Suffers a Larger Drop Than the General Market: Key Insights
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Array Technologies, Inc. (ARRY - Free Report) closed at $10.52 in the latest trading session, marking a -1.68% move from the prior day. This change lagged the S&P 500's daily loss of 0.71%. On the other hand, the Dow registered a loss of 0.93%, and the technology-centric Nasdaq decreased by 0.81%.
Prior to today's trading, shares of the company had lost 13.22% over the past month. This has lagged the Oils-Energy sector's loss of 8.42% and the S&P 500's gain of 1.08% in that time.
Investors will be eagerly watching for the performance of Array Technologies, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 8, 2024. The company's upcoming EPS is projected at $0.09, signifying an 80.85% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $230.45 million, indicating a 54.61% decrease compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.08 per share and a revenue of $1.31 billion, signifying shifts of -4.42% and -16.78%, respectively, from the last 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. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.29% lower. Array Technologies, Inc. presently features a Zacks Rank of #3 (Hold).
In the context of valuation, Array Technologies, Inc. is at present trading with a Forward P/E ratio of 9.87. This denotes a discount relative to the industry's average Forward P/E of 11.24.
Also, we should mention that ARRY has a PEG ratio of 0.59. 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. As of the close of trade yesterday, the Solar industry held an average PEG ratio of 0.46.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 194, finds itself in the bottom 24% 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) Suffers a Larger Drop Than the General Market: Key Insights
Array Technologies, Inc. (ARRY - Free Report) closed at $10.52 in the latest trading session, marking a -1.68% move from the prior day. This change lagged the S&P 500's daily loss of 0.71%. On the other hand, the Dow registered a loss of 0.93%, and the technology-centric Nasdaq decreased by 0.81%.
Prior to today's trading, shares of the company had lost 13.22% over the past month. This has lagged the Oils-Energy sector's loss of 8.42% and the S&P 500's gain of 1.08% in that time.
Investors will be eagerly watching for the performance of Array Technologies, Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 8, 2024. The company's upcoming EPS is projected at $0.09, signifying an 80.85% drop compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $230.45 million, indicating a 54.61% decrease compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.08 per share and a revenue of $1.31 billion, signifying shifts of -4.42% and -16.78%, respectively, from the last 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. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.29% lower. Array Technologies, Inc. presently features a Zacks Rank of #3 (Hold).
In the context of valuation, Array Technologies, Inc. is at present trading with a Forward P/E ratio of 9.87. This denotes a discount relative to the industry's average Forward P/E of 11.24.
Also, we should mention that ARRY has a PEG ratio of 0.59. 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. As of the close of trade yesterday, the Solar industry held an average PEG ratio of 0.46.
The Solar industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 194, finds itself in the bottom 24% 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.