Array Technologies Inc. [NASDAQ: ARRY] closed the trading session at $31.61 on 03/17/21. The day’s price range saw the stock hit a low of $30.83, while the highest price level was $33.79. The company report on March 17, 2021 that Array Technologies, Inc. Announces Launch of Secondary Offering of 31,054,971 Shares.
Array Technologies, Inc. (NASDAQ: ARRY) announced that a stockholder of the Company controlled by Oaktree Capital (the “Selling Stockholder”) has commenced an underwritten public offering of 31,054,971 shares of the Company’s common stock pursuant to a registration statement filed with the Securities and Exchange Commission. Additionally, the Selling Stockholder intends to grant the underwriters a 30-day option to purchase up to an additional 4,420,486 shares of the Company’s common stock. In conjunction with announcing the public offering, the Company is also providing certain business updates as described in more detail below. The Company’s common stock is listed on the Nasdaq Global Market under the symbol “ARRY.”.
The Company will not receive any of the proceeds from the sale of shares offered by the Selling Stockholder.
The stocks have a year to date performance of -26.73 percent and weekly performance of -5.70 percent. The stock has performed -27.28 percent around the most recent 30 days and changed -14.45 percent over the most recent 3-months.
If compared to the average trading volume of 1.88M shares, ARRY reached to a volume of 6471652 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Array Technologies Inc. [ARRY]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ARRY shares is $45.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ARRY stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Johnson Rice have made an estimate for Array Technologies Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 10, 2021. While these analysts kept the previous recommendation, Johnson Rice raised their target price to Accumulate. The new note on the price target was released on January 20, 2021, representing the official price target for Array Technologies Inc. stock. Previously, the target price had yet another raise to $60, while Piper Sandler analysts kept a Overweight rating on ARRY stock.
The Average True Range (ATR) for Array Technologies Inc. is set at 2.93, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 4.67.
ARRY stock trade performance evaluation
Array Technologies Inc. [ARRY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.70.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ARRY stock in for the last two-week period is set at 32.95, with the RSI for the last a single of trading hit 30.77, and the three-weeks RSI is set at 35.57 for Array Technologies Inc. [ARRY]. The present Moving Average for the last 50 days of trading for this stock 42.09, while it was recorded at 34.51 for the last single week of trading.
Array Technologies Inc. [ARRY]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Array Technologies Inc. [ARRY] shares currently have an operating margin of +14.16 and a Gross Margin at +20.32. Array Technologies Inc.’s Net Margin is presently recorded at +6.77.
Return on Total Capital for ARRY is now 32.95, given the latest momentum, and Return on Invested Capital for the company is 18.23. Return on Equity for this stock inclined to 52.68, with Return on Assets sitting at 7.46. Additionally, ARRY Total Debt to Total Capital is recorded at 123.29, with Total Debt to Total Assets ending up at 64.84.
Reflecting on the efficiency of the workforce at the company, Array Technologies Inc. [ARRY] managed to generate an average of $151,859 per employee. Receivables Turnover for the company is 7.50 with a Total Asset Turnover recorded at a value of 1.10.Array Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.30.
Earnings per share (EPS) analysis for Array Technologies Inc. [ARRY] stock
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ARRY. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Array Technologies Inc. go to 2.11%.
Array Technologies Inc. [ARRY]: Insider Ownership positions
There are presently around $2,916 million, or 77.67% of ARRY stock, in the hands of institutional investors. The top three institutional holders of ARRY stocks are: FMR LLC with ownership of 19,016,203, which is approximately New of the company’s market cap and around 0.40% of the total institutional ownership; PRICE T ROWE ASSOCIATES INC /MD/, holding 17,488,800 shares of the stock with an approximate value of $552.82 million in ARRY stocks shares; and VANGUARD GROUP INC, currently with $203.67 million in ARRY stock with ownership of nearly New of the company’s market capitalization.
Positions in Array Technologies Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 147 institutional holders increased their position in Array Technologies Inc. [NASDAQ:ARRY] by around 92,261,421 shares. Additionally, 0 investors decreased positions by around 0 shares, while 0 investors held positions by with 0 shares. The mentioned changes placed institutional holdings at 92,261,421 shares, according to the latest SEC report filing. ARRY stock had 147 new institutional investments in for a total of 92,261,421 shares, while 0 institutional investors sold positions of 0 shares during the same period.