Array Technologies Inc [NASDAQ: ARRY] surged by $0.4 during the normal trading session on while it closed the day at $12.34. The company report on February 27, 2024 at 4:05 PM that Array Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2023; Full year 2023 net income of $86 million; Record full year Adjusted EBITDA of $288 million.
Fourth Quarter 2023 Financial Highlights.
Array Technologies Inc stock has also gained 1.40% of its value over the past 7 days. However, ARRY stock has declined by -34.71% in the 3 months of the year. Over the past six months meanwhile, it has lost -48.84% and lost -26.55% year-on date.
The market cap for ARRY stock reached $1.87 billion, with 151.24 million shares outstanding and 148.06 million shares in the current float. Compared to the average trading volume of 5.82M shares, ARRY reached a trading volume of 5230685 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 $20.52 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 1.92. 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.
KeyBanc Capital Markets have made an estimate for Array Technologies Inc shares, keeping their opinion on the stock as Sector Weight, with their previous recommendation back on March 05, 2024. While these analysts kept the previous recommendation, TD Cowen dropped their target price from $22.50 to $16.50. The new note on the price target was released on February 28, 2024, representing the official price target for Array Technologies Inc stock. Previously, the target price had yet another raise to $12, while Exane BNP Paribas analysts kept a Underperform rating on ARRY stock. On January 22, 2024, analysts decreased their price target for ARRY shares from 22 to 15.
The Average True Range (ATR) for Array Technologies Inc is set at 0.72, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 1.18. The Price to Book ratio for the last quarter was 7.20, with the Price to Cash per share for the same quarter was set at 1.65. Price to Free Cash Flow for ARRY in the course of the last twelve months was 8.68 with Quick ratio for the last quarter at 2.00.
ARRY stock trade performance evaluation
Array Technologies Inc [ARRY] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.40. With this latest performance, ARRY shares dropped by -15.83% in over the last four-week period, additionally sinking by -48.84% over the last 6 months – not to mention a drop of -27.71% 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 41.56, with the RSI for the last a single of trading hit 42.21, and the three-weeks RSI is set at 41.90 for Array Technologies Inc [ARRY]. The present Moving Average for the last 50 days of trading for this stock 13.57, while it was recorded at 11.98 for the last single week of trading, and 18.18 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 2.00 and a Current Ratio set at 2.48.
Earnings per share (EPS) analysis for Array Technologies Inc [ARRY] stock
With the latest financial reports released by the company, Array Technologies Inc posted 0.25/share EPS, while the average EPS was predicted by analysts to be reported at 0.03/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 733.30%. 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 14.90%.
Array Technologies Inc [ARRY]: Institutional Ownership
The top three institutional holders of ARRY stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in ARRY stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in ARRY stock with ownership which is approximately 5.8325%.
