Are You Looking To Buy Array Technologies Inc. (ARRY)? First, Read This

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Array Technologies Inc. (NASDAQ:ARRY) finished Thursday with a subtraction of -$0.31 to close at $16.77, a downside of -1.81 percent. An average of 3,119,016 shares of common stock have been traded in the last five days. There was a fall of -$1.20 in the past week, and it reached a new high 17 times over the past 12 months. The last 20 days have seen an average of 4,805,649 shares traded, while the 50-day average volume stands at 4,920,644.

ARRY stock has decreased by -16.07% in the last month. The company shares reached their 1-month lowest point of $16.26 on 09/23/22. With the stock rallying to its 52-week high on 08/11/22, shares of the company touched a low of $5.45 and a high of $27.67 in 52 weeks. It has reached a new high 9 times so far this year and achieved 8.86% or $0.93 in price. In spite of this, the price is down -39.39% from the 52-week high.


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Insider Transactions

4 days have passed since Array Technologies Inc. (ARRY) last reported insider trading activity. Stacherski Kenneth R., who is Chief Operations Officer, most recently acquired $1,327 shares at $18.39 per share on Sep 19. In this transaction, the insider spent $24,409. Chief Operations Officer, Stacherski Kenneth R., disposed of 5,776 shares at a price of $11.33 on Jul 19. The insider now owns more than $65,431 worth of shares. Prior to that, Chief Commercial Officer Brinker Erica went on to Sale 3,975 shares at $12.53 each on Jun 22. An amount of $49,811 was transacted.

Valuation Metrics

Array Technologies Inc. (ARRY) has a trailing price-to-sales (P/S) ratio at 2.29, the price-to-book (PB) ratio at 38.82.

Financial Health

The quick ratio of Array Technologies Inc. for the three months ended June 29 was 1.10, and the current ratio was 1.80, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 11.97 and a total debt to equity ratio of 12.75 for the quarter ending June 29. Its gross profit as reported stood at $82.86 million compared to revenue of $853.32 million.

For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Array Technologies Inc.’s return on assets was -8.40%.

Earnings Surprise

For the three-month period that ended June 29, Array Technologies Inc. had $793.56 million in total debt. In the quarter under review, the net income was up than the previous quarter. The company posted a net income of -$14.96 million in the quarter, while revenues of -$33.66 million were grew 119.32%. The analyst consensus anticipated Array Technologies Inc.’s latest quarter earnings to come in at $0.03 per share, but it turned out to be $0.09, a 200.00% surprise. For the quarter, EBITDA amounted to $19.29 million. Shareholders own equity worth $150.33 million.

Technical Picture

From a technical analysis perspective, let’s take a brief look at Array Technologies Inc. (ARRY) price momentum. RSI 9-day as of the close on 22 September was 26.12%, suggesting the stock is oversold, with historical volatility in this time frame at 54.61%.

As of today, ARRY’s price is $17.70 -6.76% or -$1.20 from its 5-day moving average. ARRY is currently trading -25.16% lower than its 20-day SMA and +130.44% higher than its 100-day SMA. However, the stock’s current price level is +51.05% above the SMA50 and -7.69% below the SMA200.

The stochastic %K and %D were 8.08% and 12.56%, respectively, and the average true range (ATR) was 1.44. With the 14-day stochastic at 5.37% and the average true range at 1.53, the RSI (14) stands at 35.58%. The stock has reached -0.96 on the 9-day MACD Oscillator while the 14-day reading was at -1.98.

Analyst Ratings

Piper Sandler upgraded Array Technologies Inc. (NASDAQ: ARRY) to a an Overweight rating in its most recent analyst report. Previously, the stock was rated as a Neutral. The consensus rating for Array Technologies Inc. (ARRY) among analysts is Overweight. According to current brokerage recommendations, 1 brokerage firm advise that investors sell ARRY, while 3 suggest investors hold. There are 0 analysts who rate the stock as underweight. The stock is rated overweight by 1 analysts, while 9 others rate it as a “buy”.

What is ARRY’s price target for the next 12 months?

Analysts predict a range of price targets between $17.00 and $35.00, with a median target of $26.00. Taking a look at these predictions, the average price target given by analysts for Array Technologies Inc. (ARRY) stock is $26.77.

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