Array Technologies Inc. [ARRY] Revenue clocked in at $1.13 billion, up 29.70% YTD: What’s Next?

Array Technologies Inc. [NASDAQ: ARRY] closed the trading session at $20.35 on 08/23/22. The day’s price range saw the stock hit a low of $18.86, while the highest price level was $20.925. The company report on August 9, 2022 that Array Technologies, Inc. Reports Financial Results for the Second Quarter 2022 – Outperforms on revenue and adjusted EBITDA, delivers organic growth of 79% in Array Legacy Operation segment, and has third straight quarter of gross margin improvement.

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Second Quarter 2022 Highlights.

The stocks have a year to date performance of 29.70 percent and weekly performance of -7.46 percent. The stock has been moved at 137.18 percent over the last six months. The stock has performed 66.26 percent around the most recent 30 days and changed 116.26 percent over the most recent 3-months.

If compared to the average trading volume of 4.37M shares, ARRY reached to a volume of 5104816 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 $24.69 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.

Morgan Stanley have made an estimate for Array Technologies Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on August 18, 2022. While these analysts kept the previous recommendation, Barclays raised their target price to Overweight. The new note on the price target was released on August 05, 2022, representing the official price target for Array Technologies Inc. stock.

The Average True Range (ATR) for Array Technologies Inc. is set at 1.83, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 2.86. The Price to Book ratio for the last quarter was 27.88, with the Price to Cash per share for the same quarter was set at 0.31.

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 -7.46. With this latest performance, ARRY shares gained by 66.26% in over the last four-week period, additionally plugging by 137.18% over the last 6 months – not to mention a rise of 5.66% 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 58.93, with the RSI for the last a single of trading hit 54.28, and the three-weeks RSI is set at 60.67 for Array Technologies Inc. [ARRY]. The present Moving Average for the last 50 days of trading for this stock 14.79, while it was recorded at 21.12 for the last single week of trading, and 13.30 for the last 200 days.

Array Technologies Inc. [ARRY]: An insightful look at the core fundamentals

Array Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.90.

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 -5.58%.

Array Technologies Inc. [ARRY]: Insider Ownership positions

There are presently around $3,023 million, in the hands of institutional investors. The top three institutional holders of ARRY stocks are: BLACKROCK INC. with ownership of 15,599,926, which is approximately 19.881% of the company’s market cap and around 0.60% of the total institutional ownership; VANGUARD GROUP INC, holding 13,081,953 shares of the stock with an approximate value of $266.22 million in ARRY stocks shares; and FMR LLC, currently with $194.18 million in ARRY stock with ownership of nearly -23.628% of the company’s market capitalization.

141 institutional holders increased their position in Array Technologies Inc. [NASDAQ:ARRY] by around 25,961,405 shares. Additionally, 87 investors decreased positions by around 20,527,716 shares, while 18 investors held positions by with 102,042,105 shares. The mentioned changes placed institutional holdings at 148,531,226 shares, according to the latest SEC report filing. ARRY stock had 47 new institutional investments in for a total of 9,436,410 shares, while 33 institutional investors sold positions of 4,087,239 shares during the same period.


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