Why the Market Dipped But Array Technologies, Inc. (ARRY) Gained Today

In the latest close session, Array Technologies, Inc. (ARRY) was up +1.91% at $6.93. The stock outpaced the S&P 500's daily loss of 0.61%. On the other hand, the Dow registered a loss of 0.26%, and the technology-centric Nasdaq decreased by 0.93%.

Prior to today's trading, shares of the company had lost 36.39% lagged the Oils-Energy sector's gain of 7.86% and the S&P 500's loss of 2.25%.

The investment community will be closely monitoring the performance of Array Technologies, Inc. in its forthcoming earnings report. The company's upcoming EPS is projected at $0.01, signifying a 92.31% drop compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $200.51 million, down 33.68% from the year-ago period.

ARRY's full-year Zacks Consensus Estimates are calling for earnings of $0.77 per share and revenue of $1.47 billion. These results would represent year-over-year changes of +14.93% and +14.54%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Array Technologies, Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. 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, 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. Within the past 30 days, our consensus EPS projection has moved 18.99% lower. Array Technologies, Inc. currently has a Zacks Rank of #3 (Hold).

Investors should also note Array Technologies, Inc.'s current valuation metrics, including its Forward P/E ratio of 8.8. Its industry sports an average Forward P/E of 17.54, so one might conclude that Array Technologies, Inc. is trading at a discount comparatively.

It is also worth noting that ARRY currently has a PEG ratio of 0.45. 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. ARRY's industry had an average PEG ratio of 0.61 as of yesterday's close.

The Solar industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 160, this industry ranks in the bottom 35% of all industries, numbering over 250.

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.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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This article originally published on Zacks Investment Research (zacks.com).

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