Array Technologies Inc [ARRY] stock Upgrade by Barclays analyst, price target now $18

Array Technologies Inc [NASDAQ: ARRY] stock went on a downward path that fall over -3.40% on Tuesday, amounting to a one-week price increase of more than 2.83%. The company report on March 26, 2024 at 9:00 AM that Array Technologies Launches Hail Alert Response.

Array Technologies invests in new technology to protect solar trackers from weather events.

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Over the last 12 months, ARRY stock dropped by -29.68%. The one-year Array Technologies Inc stock forecast points to a potential upside of 30.06. The average equity rating for ARRY stock is currently 1.89, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $2.15 billion, with 151.24 million shares outstanding and 148.09 million shares in the current float. Compared to the average trading volume of 5.88M shares, ARRY stock reached a trading volume of 5936193 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 $20.29 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 1.89. 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.

Barclays have made an estimate for Array Technologies Inc shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on Apr-03-24. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price to Market Perform. The new note on the price target was released on March 22, 2024, representing the official price target for Array Technologies Inc stock. On February 28, 2024, analysts decreased their price target for ARRY shares from 22.50 to 16.50.

The Average True Range (ATR) for Array Technologies Inc is set at 0.77, with the Price to Sales ratio for ARRY stock in the period of the last 12 months amounting to 1.36. The Price to Book ratio for the last quarter was 8.28, 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 9.99 with Quick ratio for the last quarter at 2.00.

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 2.83. With this latest performance, ARRY shares gained by 0.35% in over the last four-week period, additionally sinking by -36.05% over the last 6 months – not to mention a drop of -29.68% 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 54.91, with the RSI for the last a single of trading hit 56.52, and the three-weeks RSI is set at 52.75 for Array Technologies Inc [ARRY]. The present Moving Average for the last 50 days of trading for this stock 13.60, while it was recorded at 14.60 for the last single week of trading, and 17.80 for the last 200 days.

Insight into Array Technologies Inc 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.

ARRY Stock EPS

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] Institutonal Ownership Details

The top three institutional holders of ARRY stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in ARRY stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in ARRY stock with ownership which is approximately 5.8386%.