Array Technologies Inc. (NASDAQ:ARRY) has seen 4.01 million shares traded in the last trading session. The company, currently valued at $3.43B, closed the last trade at $23.25 per share which meant it gained $1.02 on the day or 4.59% during that session. The ARRY stock price is -5.76% off its 52-week high price of $24.59 and 76.56% above the 52-week low of $5.45. If we look at the company’s 10-day average daily trading volume, we find that it stood at 5.01 million shares traded. The 3-month trading volume is 3.98 million shares.
The consensus among analysts is that Array Technologies Inc. (ARRY) is an Overweight stock at the moment, with a recommendation rating of 2.20. 1 analysts rate the stock as a Sell, while 1 rate it as Overweight. 3 out of 16 have rated it as a Hold, with 11 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.1.
Array Technologies Inc. (NASDAQ:ARRY) trade information
Sporting 4.59% in the green in last session, the stock has traded in the red over the last five days, with the highest price hit on Monday, 01/23/23 when the ARRY stock price touched $23.25 or saw a rise of 5.45%. Year-to-date, Array Technologies Inc. shares have moved 20.28%, while the 5-day performance has seen it change -0.94%. Over the past 30 days, the shares of Array Technologies Inc. (NASDAQ:ARRY) have changed 12.16%. Short interest in the company has seen 20.61 million shares shorted with days to cover at 6.
Wall Street analysts have a consensus price target for the stock at $26.94, which means that the shares’ value could jump 13.7% from current levels. The projected low price target is $16.00 while the price target rests at a high of $36.00. In that case, then, we find that the current price level is -54.84% off the targeted high while a plunge would see the stock lose 31.18% from current levels.
Array Technologies Inc. (ARRY) estimates and forecasts
Figures show that Array Technologies Inc. shares have outperformed across the wider relevant industry. The company’s shares have gained 95.54% over the past 6 months, with this year growth rate of 400.00%, compared to -5.60% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 242.90% and 316.70% for the next quarter. Revenue growth from the last financial year stood is estimated to be 72.90%.
12 analysts offering their estimates for the company have set an average revenue estimate of $399.35 million for the current quarter. 12 have an estimated revenue figure of $355.29 million for the next quarter concluding in Dec 2022. Year-ago sales stood $203.45 million and $219.88 million respectively for this quarter and the next, and analysts expect sales will grow by 96.30% for the current quarter and 61.60% for the next.
Earnings growth for 2023 is a modest -217.80% while over the next 5 years, the company’s earnings are expected to decrease by -5.58%.
Array Technologies Inc. is expected to release its next earnings report between November 09 and November 14 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.
Array Technologies Inc. (NASDAQ:ARRY)’s Major holders
Insiders own 1.46% of the company shares, while shares held by institutions stand at 106.21% with a share float percentage of 107.79%. Investors are also buoyed by the number of investors in a company, with Array Technologies Inc. having a total of 329 institutions that hold shares in the company. The top two institutional holders are Blackrock Inc. with over 15.6 million shares worth more than $171.76 million. As of Jun 29, 2022, Blackrock Inc. held 10.38% of shares outstanding.
The other major institutional holder is Vanguard Group, Inc. (The), with the holding of over 13.08 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $144.03 million and represent 8.70% of shares outstanding.
Also the top two Mutual Funds that are holding company’s shares are Invesco ETF TR II-Invesco Solar ETF and Vanguard Total Stock Market Index Fund. As of Sep 29, 2022, the former fund manager holds about 2.98% shares in the company for having 4.49 million shares of worth $74.39 million while later fund manager owns 4.22 million shares of worth $46.42 million as of Jun 29, 2022, which makes it owner of about 2.80% of company’s outstanding stock.