Array Technologies Inc. [ARRY] Stock trading around $21.62 per share: What’s Next?

Array Technologies Inc. [NASDAQ: ARRY] stock went on an upward path that rose over 3.05% on Tuesday, amounting to a one-week price increase of more than 2.81%. The company report on November 8, 2022 that Array Technologies, Inc. Reports Financial Results for the Third Quarter 2022 – Delivers record revenue of $515 million and the fourth consecutive quarter of gross margin improvement.


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Third Quarter 2022 Highlights.

Over the last 12 months, ARRY stock dropped by -10.73%. The one-year Array Technologies Inc. stock forecast points to a potential upside of 20.16. The average equity rating for ARRY stock is currently 2.30, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $3.25 billion, with 150.32 million shares outstanding and 148.52 million shares in the current float. Compared to the average trading volume of 3.93M shares, ARRY stock reached a trading volume of 4209076 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $27.08 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.

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 1.52, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 2.23. The Price to Book ratio for the last quarter was 52.73, with the Price to Cash per share for the same quarter was set at 0.42.

ARRY Stock Performance Analysis:

Array Technologies Inc. [ARRY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 2.81. With this latest performance, ARRY shares gained by 42.89% in over the last four-week period, additionally plugging by 134.49% over the last 6 months – not to mention a drop of -10.73% 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 65.31, with the RSI for the last a single of trading hit 69.25, and the three-weeks RSI is set at 62.05 for Array Technologies Inc. [ARRY]. The present Moving Average for the last 50 days of trading for this stock 17.57, while it was recorded at 20.80 for the last single week of trading, and 13.84 for the last 200 days.

Insight into Array Technologies Inc. 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 1.20 and a Current Ratio set at 1.70.

ARRY Stock EPS

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 Position Details

There are presently around $3,286 million, in the hands of institutional investors. The top three institutional holders of ARRY stocks are: BLACKROCK INC. with ownership of 15,867,720, which is approximately 1.717% of the company’s market cap and around 0.50% of the total institutional ownership; VANGUARD GROUP INC, holding 13,350,542 shares of the stock with an approximate value of $288.64 million in ARRY stocks shares; and FMR LLC, currently with $196.06 million in ARRY stock with ownership of nearly -4.966% 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 145 institutional holders increased their position in Array Technologies Inc. [NASDAQ:ARRY] by around 30,471,082 shares. Additionally, 98 investors decreased positions by around 27,663,808 shares, while 26 investors held positions by with 93,852,964 shares. The mentioned changes placed institutional holdings at 151,987,854 shares, according to the latest SEC report filing. ARRY stock had 63 new institutional investments in for a total of 16,382,810 shares, while 29 institutional investors sold positions of 4,360,319 shares during the same period.

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