Stocks like Array Technologies Inc [ARRY] still have plenty of sunny days ahead

In yesterday’s Wall Street session, Array Technologies Inc (NASDAQ:ARRY) shares traded at $14.01, up 1.74% from the previous session.

As of this writing, 23 analysts cover Array Technologies Inc (NASDAQ:ARRY). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $38.00 and a low of $17.00, we find $29.00. Given the previous closing price of $13.77, this indicates a potential upside of 110.6 percent. ARRY stock price is now -32.82% away from the 50-day moving average and -32.52% away from the 200-day moving average. The market capitalization of the company currently stands at $2.12B.

There are 5 analysts who have given it a hold rating, whereas 17 have given it a buy rating. Brokers who have rated the stock have averaged $28.20 as their price target over the next twelve months.

With the price target of $21, Exane BNP Paribas recently initiated with Neutral rating for Array Technologies Inc (NASDAQ: ARRY).

In other news, Hottinger Tyson, Chief Legal Officer sold 7,500 shares of the company’s stock on Sep 01. The stock was sold for $187,825 at an average price of $25.04. Upon completion of the transaction, the Chief Legal Officer now directly owns 69,618 shares in the company, valued at $0.98 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 14, Chief Financial Officer Patel Nipul M. sold 54,593 shares of the business’s stock. A total of $1,262,190 was realized by selling the stock at an average price of $23.12. This leaves the insider owning 82,827 shares of the company worth $1.16 million. Insiders disposed of 121,994 shares of company stock worth roughly $1.71 million over the past 1 year. A total of 3.21% of the company’s stock is owned by insiders.

Friday morning saw Array Technologies Inc (NASDAQ: ARRY) opened at $13.67. During the past 12 months, Array Technologies Inc has had a low of $13.64 and a high of $26.64. As of last week, the company has a debt-to-equity ratio of 1.13, a current ratio of 2.15, and a quick ratio of 1.62. According to the stock market information, the enterprise value for the company is $2.98B, which is based on a 36.52 price-to-earnings ratio, a 0.82 price-to-earnings-growth ratio, and a beta of 1.78. The fifty day moving average price for ARRY is $20.64 and a two-hundred day moving average price translates $20.72 for the stock.

The latest earnings results from Array Technologies Inc (NASDAQ: ARRY) was released for Sep, 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 $0.27 EPS in the same period last year. The net profit margin was 3.58% and return on equity was 22.55% for ARRY. The company reported revenue of $350.44 million for the quarter, compared to $515.02 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -31.96 percent. For the current quarter, analysts expect ARRY to generate $371.14M in revenue.

Array Technologies Inc(ARRY) Company Profile

Array Technologies, Inc. manufactures and sells ground-mounting tracking systems used in solar energy projects in the United States, Spain, Brazil, Australia, and internationally. The company operates in two segments, Array Legacy Operations and STI Operations. Its products include DuraTrack HZ v3, a single axis tracker; Array STI H250 to deliver a lower levelized cost of energy with tracker system; Array OmniTrack; and SmarTrack, a software product that uses site-specific historical weather and energy production data in combination with machine learning algorithms to identify the optimal position for a solar array in real time to enhance its energy production. The company was founded in 1989 and is headquartered in Albuquerque, New Mexico.

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