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Array Technologies Inc. (NASDAQ: ARRY): A Good Investment At Current Prices?

Array Technologies Inc. (NASDAQ:ARRY)’s traded shares stood at 3.47 million during the last session. At the last check today, the stock’s price was $17.27, to imply a decrease of -6.11% or -$1.13 in intraday trading. The ARRY share’s 52-week high remains $24.59, putting it -42.39% down since that peak but still an impressive 68.44% since price per share fell to its 52-week low of $5.45. The company has a valuation of $2.95B, with an average of 5.51 million shares in intraday trading volume over the past 10 days and average of 4.57 million shares over the past 3 months.

Analysts have given a consensus recommendation of an Overweight for Array Technologies Inc. (ARRY), translating to a mean rating of 2.20. Of 18 analyst(s) looking at the stock, 1 analyst(s) give ARRY a Sell rating. 1 of those analysts rate the stock as Overweight while 4 advise Hold as 12 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at $0.1.

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Array Technologies Inc. (NASDAQ:ARRY) trade information

After registering a -6.11% downside in the latest session, Array Technologies Inc. (ARRY) has traded red over the past five days. The stock hit a weekly high of 20.94 this Wednesday, 03/15/23, dropping -6.11% in its intraday price action. The 5-day price performance for the stock is -16.42%, and -16.95% over 30 days. With these gigs, the year-to-date price performance is -10.63%. Short interest in Array Technologies Inc. (NASDAQ:ARRY) saw shorts transact 21.04 million shares and set a 4.81 days time to cover.

Analysts on Wall Street suggest a consensus price target of $27.17, implying an increase of 36.44% to the stock’s recent value. The extremes give us $16.00 and $36.00 for target low and target high price respectively. As such, ARRY has been trading -108.45% off suggested target high and 7.35% from its likely low.

Array Technologies Inc. (ARRY) estimates and forecasts

Looking at statistics comparing Array Technologies Inc. share performance against respective industry, we note that the company has outperformed competitors. Array Technologies Inc. (ARRY) shares are -13.15% down over the last 6 months, with its year-to-date growth rate higher than industry average at 385.71% against 17.50%. Revenue is forecast to grow 266.70% this quarter before jumping 850.00% for the next one. The rating firms project that company’s revenue will grow 84.60% compared to the previous financial year.

Revenue forecast for the current quarter as set by 12 analysts is $339.52 million. Meanwhile, for the quarter ending Mar 2023, a total of 9 analyst(s) estimate revenue growth to $387.74 million.Earnings reports from the last fiscal year show that sales brought in $219.88 million and $300.59 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to rise 54.40% before jumping 29.00% in the following quarter.

ARRY Dividends

Array Technologies Inc. has its next earnings report out between November 09 and November 14. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Array Technologies Inc. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Array Technologies Inc. (NASDAQ:ARRY)’s Major holders

Array Technologies Inc. insiders hold 1.30% of total outstanding shares, with institutional holders owning 111.51% of the shares at 112.99% float percentage. In total, 111.51% institutions holds shares in the company, led by Blackrock Inc. As of Sep 29, 2022, the company held over 15.87 million shares (or 10.54% of shares), all amounting to roughly $263.09 million.

The next major institution holding the largest number of shares is Vanguard Group, Inc. (The) with 13.35 million shares, or about 8.87% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $221.35 million.

We also have Vanguard Total Stock Market Index Fund and Invesco ETF TR II-Invesco Solar ETF as the top two Mutual Funds with the largest holdings of the Array Technologies Inc. (ARRY) shares. Going by data provided on Sep 29, 2022, Vanguard Total Stock Market Index Fund holds roughly 4.29 million shares. This is just over 2.85% of the total shares, with a market valuation of $71.1 million. Data from the same date shows that the other fund manager holds a little less at 3.94 million, or 2.62% of the shares, all valued at about 76.09 million.

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