Array Technologies Inc. [NASDAQ: ARRY] loss -7.42% on the last trading session, reaching $18.97 price per share at the time. 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.
Array Technologies Inc. represents 150.32 million in outstanding shares, while the company has a total market value of $2.92 billion with the latest information. ARRY stock price has been found in the range of $18.81 to $20.52.
If compared to the average trading volume of 3.51M shares, ARRY reached a trading volume of 3830661 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 $27.14 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.
Cantor Fitzgerald have made an estimate for Array Technologies Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on December 23, 2022. While these analysts kept the previous recommendation, Wells Fargo raised their target price to Overweight. The new note on the price target was released on December 06, 2022, representing the official price target for Array Technologies Inc. stock. Previously, the target price had yet another raise from $20 to $28, while Piper Sandler kept a Overweight rating on ARRY stock. On August 18, 2022, analysts decreased their price target for ARRY shares from 17 to 15.
The Average True Range (ATR) for Array Technologies Inc. is set at 1.55, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 2.01. The Price to Book ratio for the last quarter was 46.27, with the Price to Cash per share for the same quarter was set at 0.41.
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 -7.24. With this latest performance, ARRY shares dropped by -18.44% in over the last four-week period, additionally plugging by 61.72% over the last 6 months – not to mention a rise of 14.76% 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 42.18, with the RSI for the last a single of trading hit 36.20, and the three-weeks RSI is set at 45.68 for Array Technologies Inc. [ARRY]. The present Moving Average for the last 50 days of trading for this stock 19.42, while it was recorded at 20.54 for the last single week of trading, and 15.16 for the last 200 days.
Array Technologies Inc. [ARRY]: A deeper dive into fundamental analysis
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.
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 $2,883 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 0.30% of the total institutional ownership; VANGUARD GROUP INC, holding 13,350,542 shares of the stock with an approximate value of $253.26 million in ARRY stocks shares; and FMR LLC, currently with $172.03 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 144 institutional holders increased their position in Array Technologies Inc. [NASDAQ:ARRY] by around 30,453,209 shares. Additionally, 98 investors decreased positions by around 27,578,815 shares, while 26 investors held positions by with 93,941,075 shares. The mentioned changes placed institutional holdings at 151,973,099 shares, according to the latest SEC report filing. ARRY stock had 61 new institutional investments in for a total of 16,364,530 shares, while 29 institutional investors sold positions of 4,275,613 shares during the same period.