For Array Technologies Inc. [ARRY], Analyst sees a rise to $23. What next?


Array Technologies Inc. [NASDAQ: ARRY] traded at a high on 12/30/21, posting a 1.21 gain after which it closed the day’ session at $15.94. The company report on December 15, 2021 that ARRAY ALERT: Bragar Eagel & Squire, P.C. is Investigating Array Technologies, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm.

Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Array Technologies, Inc. (NASDAQ: ARRY) on behalf of long-term stockholders following a class action complaint that was filed against Array on May 14, 2021. Our investigation concerns whether the board of directors of Array have breached their fiduciary duties to the company.

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The complaint alleges that, during the Class Period, defendants made materially false and misleading statements regarding the Company’s business. Specifically, defendants’ public offering materials failed to adequately disclose the then-existing rise of costs related to certain supplies such as steel, as well as the Company’s freight costs and that these were likely to have, and were having, an adverse effect on the Company’s business and operations. The complaint also alleges that defendants made materially false and/or misleading statements in press releases and conference calls because defendants omitted and otherwise failed to disclose that dating back to Q1 2020, prices of certain commodities such as steel were increasing dramatically, and that Array was facing increasing freight costs, and as a result of the foregoing, the Company’s positive statements about its business and operations lacked a reasonable basis.

The results of the trading session contributed to over 2222838 shares changing hands. Over the past one week, the price volatility of Array Technologies Inc. stands at 4.64% while the volatility over the past one month is 6.07%.

The market cap for ARRY stock reached $2.11 billion, with 130.96 million shares outstanding and 119.08 million shares in the current float. Compared to the average trading volume of 2.89M shares, ARRY reached a trading volume of 2222838 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $26.36 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 2.30. 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.

Colliers Securities have made an estimate for Array Technologies Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 14, 2021. The new note on the price target was released on October 20, 2021, representing the official price target for Array Technologies Inc. stock. Previously, the target price had yet another raise to $23, while Truist analysts kept a Hold rating on ARRY stock.

The Average True Range (ATR) for Array Technologies Inc. is set at 1.16, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 2.57. The Price to Book ratio for the last quarter was 265.67, with the Price to Cash per share for the same quarter was set at 0.88.

How has ARRY stock performed recently?

Array Technologies Inc. [ARRY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.18. With this latest performance, ARRY shares dropped by -11.52% in over the last four-week period, additionally sinking by -1.24% over the last 6 months – not to mention a drop of -63.33% in the past year of trading.

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 36.97, with the RSI for the last a single of trading hit 35.65, and the three-weeks RSI is set at 39.49 for Array Technologies Inc. [ARRY]. The present Moving Average for the last 50 days of trading for this stock 19.87, while it was recorded at 16.11 for the last single week of trading, and 19.58 for the last 200 days.

Array Technologies Inc. [ARRY]: Deeper insight into the 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 1.50 and a Current Ratio set at 2.30.

Earnings analysis for Array Technologies Inc. [ARRY]

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 -1.29%.

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Insider trade positions for Array Technologies Inc. [ARRY]

There are presently around $2,132 million, in the hands of institutional investors. The top three institutional holders of ARRY stocks are: FMR LLC with ownership of 15,081,694, which is approximately 56.384% of the company’s market cap and around 0.50% of the total institutional ownership; VANGUARD GROUP INC, holding 11,001,809 shares of the stock with an approximate value of $173.28 million in ARRY stocks shares; and BLACKROCK INC., currently with $164.79 million in ARRY stock with ownership of nearly 26.625% of the company’s market capitalization.

Positions in Array Technologies Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 113 institutional holders increased their position in Array Technologies Inc. [NASDAQ:ARRY] by around 43,517,201 shares. Additionally, 93 investors decreased positions by around 23,086,611 shares, while 20 investors held positions by with 68,729,996 shares. The mentioned changes placed institutional holdings at 135,333,808 shares, according to the latest SEC report filing. ARRY stock had 44 new institutional investments in for a total of 22,011,696 shares, while 42 institutional investors sold positions of 5,864,361 shares during the same period.