The stock of Array Technologies Inc. (NASDAQ:ARRY) last traded at $24.70, up 6.10% from the previous session.
Data from the available sources indicates that Array Technologies Inc. (NASDAQ:ARRY) is covered by 22 analysts. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $36.00 and a low of $16.00, we find $30.00. Given the previous closing price of $23.28, this indicates a potential upside of 28.87 percent. ARRY stock price is now 20.86% away from the 50-day moving average and 18.87% away from the 200-day moving average. The market capitalization of the company currently stands at $3.58B.
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In total, 3 analysts have assigned it a hold rating, and 17 have given it a buy rating. Brokers who have rated the stock have averaged $29.45 as their price target over the next twelve months.
With the price target of $37, Janney recently initiated with Buy rating for Array Technologies Inc. (NASDAQ: ARRY).
In other news, Patel Nipul M., Chief Financial Officer sold 54,593 shares of the company’s stock on Aug 14. The stock was sold for $1,262,190 at an average price of $23.12. Upon completion of the transaction, the Chief Financial Officer now directly owns 82,827 shares in the company, valued at $2.05 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 11, Chief Legal Officer Hottinger Tyson sold 8,500 shares of the business’s stock. A total of $198,220 was realized by selling the stock at an average price of $23.32. This leaves the insider owning 77,118 shares of the company worth $1.9 million. Insiders disposed of 53,942 shares of company stock worth roughly $1.33 million over the past 1 year. A total of 0.30% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in ARRY stock. A new stake in Array Technologies Inc. shares was purchased by SOURCEROCK GROUP LLC during the first quarter worth $42,504,000. DIMENSIONAL FUND ADVISORS LP invested $23,198,000 in shares of ARRY during the first quarter. In the first quarter, WELLINGTON MANAGEMENT GROUP LLP acquired a new stake in Array Technologies Inc. valued at approximately $16,382,000. UNISUPER MANAGEMENT PTY LTD acquired a new stake in ARRY for approximately $11,622,000. COVALIS CAPITAL LLP purchased a new stake in ARRY valued at around $10,084,000 in the second quarter. In total, there are 418 active investors with 113.60% ownership of the company’s stock.
During the past 12 months, Array Technologies Inc. has had a low of $13.86 and a high of $24.99. As of last week, the company has a debt-to-equity ratio of 2.57, a current ratio of 2.10, and a quick ratio of 1.60. According to the stock market information, the enterprise value for the company is $4.43B, which is based on a 51.46 price-to-earnings ratio, a 1.15 price-to-earnings-growth ratio, and a beta of 1.76. The fifty day moving average price for ARRY is $20.51 and a two-hundred day moving average price translates $20.81 for the stock.
The latest earnings results from Array Technologies Inc. (NASDAQ: ARRY) was released for Jun, 2023. According to the Solar Company, earnings per share came in at $0.47, beating analysts’ expectations of $0.18 by 0.29. This compares to -$0.03 EPS in the same period last year. The net profit margin was 4.10% and return on equity was 43.00% for ARRY. The company reported revenue of $507.73 million for the quarter, compared to $419.87 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 20.93 percent. For the current quarter, analysts expect ARRY to generate $387.8M in revenue.
