In the latest close session, Array Technologies, Inc. (ARRY) was up +1.89% at $6.46. This change outpaced the S&P 500's 0.81% gain on the day. At the same time, the Dow added 0.27%, and the tech-heavy Nasdaq gained 1.3%.
Coming into today, shares of the company had lost 7.24% in the past month. In that same time, the Oils-Energy sector lost 3.61%, while the S&P 500 gained 1.13%.
The investment community will be closely monitoring the performance of Array Technologies, Inc. in its forthcoming earnings report. The company is expected to report EPS of $0.1, down 60% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $323.84 million, indicating a 10.6% downward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of $0.72 per share and a revenue of $1.45 billion, demonstrating changes of +7.46% and +13.02%, respectively, from the preceding year.
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. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 shifted 0.95% upward. As of now, Array Technologies, Inc. holds a Zacks Rank of #1 (Strong Buy).
Digging into valuation, Array Technologies, Inc. currently has a Forward P/E ratio of 8.79. This expresses a discount compared to the average Forward P/E of 20.26 of its industry.
Meanwhile, ARRY's PEG ratio is currently 0.76. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Solar industry was having an average PEG ratio of 0.89.
The Solar industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 60, positioning it in the top 25% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>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
This article originally published on Zacks Investment Research (zacks.com).