Array Technologies Inc (NASDAQ: ARRY) Could See Prices Soar In The Coming Months

In the last trading session, 3.94 million shares of the Array Technologies Inc (NASDAQ:ARRY) were traded, and its beta was 1.65. Most recently the company’s share price was $14.91, and it changed around -$0.19 or -1.26% from the last close, which brings the market valuation of the company to $2.26B. ARRY currently trades at a discount to its 52-week high of $26.64, offering almost -78.67% off that amount. The share price’s 52-week low was $11.38, which indicates that the current value has risen by an impressive 23.68% since then. We note from Array Technologies Inc’s average daily trading volume that its 10-day average is 6.13 million shares, with the 3-month average coming to 5.85 million.

Array Technologies Inc stock received a consensus recommendation rating of Hold, based on a mean score of 1.93. If we narrow it down even further, the data shows that 0 out of 10 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 6 recommended ARRY as a Hold, whereas 3 deemed it a Buy, and 0 rated it as Underweight. Array Technologies Inc is expected to report earnings per share of -$0.03 for the current quarter.

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Array Technologies Inc (NASDAQ:ARRY) trade information

Instantly ARRY has showed a red trend with a performance of -1.26% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -11.25% year-to-date, but still up 6.27% over the last five days. On the other hand, Array Technologies Inc (NASDAQ:ARRY) is 5.74% up in the 30-day period. We can see from the shorts that 24.81 million shares have been sold at a short interest cover period of 3.85 day(s).

The consensus price target as assigned by Wall Street analysts is $21.83, which translates to bulls needing to increase their stock price by 31.7% from its current value. Analyst projections state that ARRY is forecast to be at a low of $14 and a high of $30.

Array Technologies Inc (ARRY) estimates and forecasts

Array Technologies Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -36.36 percent over the past six months and at a -1.77% annual growth rate that is well below the industry average of 8.00%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -112.00% in revenue this quarter, and will report a decrease of -66.00% in the next quarter. The year-over-year growth rate is expected to be -14.10%, down from the previous year.

Consensus estimates provided by 22 financial analysts predict the company will bring in an average of $151.92 million in revenue for the current quarter. 22 analysts expect Array Technologies Inc to make $275.73 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $376.77 million and $507.73 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -59.70%. Forecasts for the next quarter put sales growth at -45.70%.

Array Technologies Inc earnings are expected to increase by -6.56% in 2024, but the outlook is positive 14.90% per year for the next five years.

ARRY Dividends

Array Technologies Inc’s next quarterly earnings report is expected to be released around May 07 and May 13.

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

Upon looking at major shareholders, it appears that insiders hold 0.86% of Array Technologies Inc shares, and 125.06% of them are in the hands of institutional investors. The stock currently has a share float of 126.14%. Array Technologies Inc stock is held by 433 institutions, with Blackrock Inc. being the largest institutional investor. By Dec 30, 2023, it held 11.59% of the shares, which is about 17.53 million shares worth $261.37 million.

Vanguard Group Inc, with 9.18% or 13.89 million shares worth $207.05 million as of Dec 30, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Invesco ETF TR II-Invesco Solar ETF were the top two Mutual Funds as of Dec 30, 2023. The former held 4.52 million shares worth $67.34 million, making up 2.99% of all outstanding shares. On the other hand, Invesco ETF TR II-Invesco Solar ETF held roughly 4.04 million shares worth around $60.26 million, which represents about 2.67% of the total shares outstanding.