Array Technologies Inc (NASDAQ:ARRY) shares traded 2.73% higher at $11.27 on Wall Street last session.
ARRY stock price is now -16.92% away from the 50-day moving average and -34.88% away from the 200-day moving average. The market capitalization of the company currently stands at $1.71B.
With the price target enhanced from $15 to $18, Barclays Upgraded its rating from Equal Weight to Overweight for Array Technologies Inc (NASDAQ: ARRY). On March 22, 2024, BMO Capital Markets recently initiated its ‘Market Perform’ rating on the stock quoting a target price of $16, while ‘KeyBanc Capital Markets’ rates the stock as ‘Sector Weight’
In other news, Hostetler Kevin G., Chief Executive Officer sold 8,176 shares of the company’s stock on Mar 20 ’24. The stock was sold for $100,565 at an average price of $12.30. Upon completion of the transaction, the Chief Executive Officer now directly owns 217,352 shares in the company, valued at $2.45 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Sep 01 ’23, Chief Legal Officer Hottinger Tyson sold 7,500 shares of the business’s stock. A total of $187,825 was realized by selling the stock at an average price of $25.04. This leaves the insider owning 69,618 shares of the company worth $0.78 million. A total of 2.04% of the company’s stock is owned by insiders.
During the past 12 months, Array Technologies Inc has had a low of $10.82 and a high of $26.64. As of last week, the company has a debt-to-equity ratio of 1.16, a current ratio of 2.48, and a quick ratio of 2.00.
The net profit margin was 5.19% and return on equity was 25.81% for ARRY. The company reported revenue of $341.62 million for the quarter, compared to $402.07 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -15.04 percent.
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 portfolio includes DuraTrack HZ v3, a single axis tracker; Array STI H250 that delivers 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 energy production. Array Technologies, Inc. was incorporated in 1987 and is headquartered in Albuquerque, New Mexico.
