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


Array Technologies Inc. [NASDAQ: ARRY] loss -5.91% or -0.94 points to close at $14.97 with a heavy trading volume of 5934839 shares. 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.

It opened the trading session at $15.81, the shares rose to $15.915 and dropped to $14.37, the range by which the price of stock traded the whole day. The daily chart for ARRY points out that the company has recorded -7.36% loss over the past six months. However, it is still -17.69% lower than its most recent low trading price.

If we look at the average trading volume of 2.89M shares, ARRY reached to a volume of 5934839 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 1.15, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 2.50. The Price to Book ratio for the last quarter was 249.50, with the Price to Cash per share for the same quarter was set at 0.85.

Trading performance analysis for ARRY stock

Array Technologies Inc. [ARRY] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.97. With this latest performance, ARRY shares dropped by -11.26% in over the last four-week period, additionally sinking by -7.36% over the last 6 months – not to mention a drop of -64.28% 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 32.97, with the RSI for the last a single of trading hit 28.94, and the three-weeks RSI is set at 36.65 for Array Technologies Inc. [ARRY]. The present Moving Average for the last 50 days of trading for this stock 19.69, while it was recorded at 15.65 for the last single week of trading, and 19.36 for the last 200 days.

Array Technologies Inc. [ARRY]: A deeper dive into fundamental analysis

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.

Array Technologies Inc. [ARRY]: An earnings per share (EPS) analysis

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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An analysis of insider ownership at Array Technologies Inc. [ARRY]

There are presently around $2,130 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 $175.04 million in ARRY stocks shares; and BLACKROCK INC., currently with $166.47 million in ARRY stock with ownership of nearly 26.625% of the company’s market capitalization.

112 institutional holders increased their position in Array Technologies Inc. [NASDAQ:ARRY] by around 42,067,201 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 133,883,808 shares, according to the latest SEC report filing. ARRY stock had 43 new institutional investments in for a total of 20,561,696 shares, while 42 institutional investors sold positions of 5,864,361 shares during the same period.