Array Technologies Inc. [NASDAQ: ARRY] traded at a high on 09/19/22, posting a 3.70 gain after which it closed the day’ session at $18.48. The company report on September 19, 2022 that Array Technologies Launches Two New Utility-Scale Solar Tracker Systems to the U.S. Market: Providing Domestically Sourced Solutions that Meet Customer Demands.
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Array OmniTrack™ is the industry’s premier terrain-following solution, designed to reduce site preparation work, ease installation, increase project ROI and lower total project costs.
Array STI H250, which will soon be offered in the U.S., provides a price competitive option ideally suited for sites with irregular boundaries, highly angled blocks, or fragmented project areas.
The results of the trading session contributed to over 6642238 shares changing hands. Over the past one week, the price volatility of Array Technologies Inc. stands at 6.51% while the volatility over the past one month is 8.04%.
The market cap for ARRY stock reached $2.81 billion, with 150.20 million shares outstanding and 148.10 million shares in the current float. Compared to the average trading volume of 4.60M shares, ARRY reached a trading volume of 6642238 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 $26.15 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 2.40. 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.
Piper Sandler have made an estimate for Array Technologies Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on September 19, 2022. While these analysts kept the previous recommendation, Morgan Stanley dropped their target price from $17 to $15. The new note on the price target was released on August 18, 2022, representing the official price target for Array Technologies Inc. stock. Previously, the target price had yet another raise to $20, while Barclays analysts kept a Overweight rating on ARRY stock.
The Average True Range (ATR) for Array Technologies Inc. is set at 1.70, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 2.48. The Price to Book ratio for the last quarter was 42.00, with the Price to Cash per share for the same quarter was set at 0.34.
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 -9.99. With this latest performance, ARRY shares dropped by -16.98% in over the last four-week period, additionally plugging by 40.64% over the last 6 months – not to mention a drop of -0.11% 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 43.75, with the RSI for the last a single of trading hit 37.24, and the three-weeks RSI is set at 48.35 for Array Technologies Inc. [ARRY]. The present Moving Average for the last 50 days of trading for this stock 17.91, while it was recorded at 18.82 for the last single week of trading, and 13.07 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 -2.58 and a Gross Margin at +6.91. Array Technologies Inc.’s Net Margin is presently recorded at -5.91.
Return on Equity for this stock declined to -115.39, with Return on Assets sitting at -5.53.
Array Technologies Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.80.
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 -5.58%.
Insider trade positions for Array Technologies Inc. [ARRY]
There are presently around $2,745 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 0.50% of the total institutional ownership; VANGUARD GROUP INC, holding 13,081,953 shares of the stock with an approximate value of $241.75 million in ARRY stocks shares; and FMR LLC, currently with $176.34 million in ARRY stock with ownership of nearly -23.628% of the company’s market capitalization.
Positions in Array Technologies Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 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 19 investors held positions by with 102,042,112 shares. The mentioned changes placed institutional holdings at 148,531,233 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.