Array Technologies Inc. [NASDAQ: ARRY] gained 6.19% or 0.73 points to close at $12.53 with a heavy trading volume of 3233846 shares. The company report on March 16, 2022 that Array Technologies Provides Update on Form 10-K Filing.
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Array Technologies (NASDAQ: ARRY) (“Array”), one of the world’s largest providers of utility-scale solar tracker technology, today announced that it is quickly progressing through the procedures required to complete its year-end reporting and expects to file its Annual Report in the coming weeks.
Once the date of filing is finalized the Company will also announce the timing of its fourth quarter earnings call where it will discuss the 2021 year-end results as well as the outlook for 2022.
It opened the trading session at $11.98, the shares rose to $12.58 and dropped to $11.95, the range by which the price of stock traded the whole day. The daily chart for ARRY points out that the company has recorded -31.27% loss over the past six months. However, it is still -56.23% lower than its most recent low trading price.
If we look at the average trading volume of 3.84M shares, ARRY reached to a volume of 3233846 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 $21.80 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.
Truist have made an estimate for Array Technologies Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on January 24, 2022. While these analysts kept the previous recommendation, Guggenheim raised their target price to Neutral. The new note on the price target was released on January 18, 2022, representing the official price target for Array Technologies Inc. stock. Previously, the target price had yet another raise to $23, while Colliers Securities analysts kept a Buy rating on ARRY stock.
The Average True Range (ATR) for Array Technologies Inc. is set at 0.91, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 2.06. The Price to Book ratio for the last quarter was 208.83, with the Price to Cash per share for the same quarter was set at 0.86.
Trading performance analysis for ARRY stock
Array Technologies Inc. [ARRY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 14.32. With this latest performance, ARRY shares gained by 27.60% in over the last four-week period, additionally sinking by -31.27% over the last 6 months – not to mention a drop of -57.73% 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 62.06, with the RSI for the last a single of trading hit 68.93, and the three-weeks RSI is set at 56.70 for Array Technologies Inc. [ARRY]. The present Moving Average for the last 50 days of trading for this stock 10.78, while it was recorded at 11.19 for the last single week of trading, and 16.00 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 -5.58%.
An analysis of insider ownership at Array Technologies Inc. [ARRY]
There are presently around $1,691 million, in the hands of institutional investors. The top three institutional holders of ARRY stocks are: FMR LLC with ownership of 16,931,221, which is approximately 12.263% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 12,892,595 shares of the stock with an approximate value of $152.13 million in ARRY stocks shares; and VANGUARD GROUP INC, currently with $136.72 million in ARRY stock with ownership of nearly 5.316% 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 129 institutional holders increased their position in Array Technologies Inc. [NASDAQ:ARRY] by around 28,810,162 shares. Additionally, 88 investors decreased positions by around 19,277,559 shares, while 21 investors held positions by with 95,219,284 shares. The mentioned changes placed institutional holdings at 143,307,005 shares, according to the latest SEC report filing. ARRY stock had 56 new institutional investments in for a total of 6,041,777 shares, while 30 institutional investors sold positions of 3,972,494 shares during the same period.