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

In the latest close session, Array Technologies, Inc. (ARRY) was up +2.51% at $8.17. This move outpaced the S&P 500's daily loss of 0.5%. On the other hand, the Dow registered a loss of 0.38%, and the technology-centric Nasdaq decreased by 0.5%. Heading into today, shares of the company had lost 11.74% over the past month, lagging the Oils-Energy sector's gain of 3.33% and the S&P 500's gain of 2.74%.Market participants will be closely following the financial results of Array Technologies, Inc. in its upcoming release. In that report, analysts expect Array Technologies, Inc. to post earnings of $0.22 per share. This would mark year-over-year growth of 29.41%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $315.49 million, up 36.33% from the year-ago period. ARRY's full-year Zacks Consensus Estimates are calling for earnings of $0.67 per share and revenue of $1.2 billion. These results would represent year-over-year changes of +11.67% and +31.17%, respectively. 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. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits. Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.24% higher. Array Technologies, Inc. is currently a Zacks Rank #3 (Hold). In the context of valuation, Array Technologies, Inc. is at present trading with a Forward P/E ratio of 11.92. For comparison, its industry has an average Forward P/E of 17.18, which means Array Technologies, Inc. is trading at a discount to the group. It is also worth noting that ARRY currently has a PEG ratio of 0.55. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Solar industry stood at 0.7 at the close of the market yesterday. The Solar industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 51, placing it within the top 21% of over 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. Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions. Free Report: Profiting from the 2nd Wave of AI ExplosionThe next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.Investors who bought shares like Nvidia at the right time have had a shot at huge gains.But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.Access AI Boom 2.0 now, absolutely free >>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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks