The stock of Array Technologies Inc. (NASDAQ:ARRY) decreased by -$0.47 on Monday to finish at $23.12, down -1.99 percent. The last five days have seen an average of 9,525,040 shares of common stock traded. 10 times new highs were reached in the current year, with a gain of $3.79. The average number of shares traded over the last 20 days was 5,340,845, while the average volume over the last 50 days totaled 4,641,644.
ARRY stock appreciated 17.84% since last month. On 08/08/23, the company’s shares reached a one-month low of $17.27. The stock touched a high of $24.99 on 05/23/23, after rallying from a low of $13.86 in 52 weeks. The price of ARRY stock has risen by 19.61% or $3.79 this year, reaching a new high 10 times. Still, the stock price is down -7.48% from the 52-week high.
Insider Transactions
ARRY stock investors should be aware that Array Technologies Inc. (ARRY) stock had its last reported insider trading activity 272 days ago on Nov 16. On Nov 16, Chief Legal Officer Hottinger Tyson sold 8,500 shares at $20.74 each. This transaction resulted in the insider making $176,292. On Sep 19, Stacherski Kenneth R. sold 1,327 shares at a price of US$18.39. After the transaction, the insider now owns 99,902 shares. Director Schmid Gerrard had earlier bought 7,000 shares on Aug 26 for $21.66 a share. The transaction was completed for $151,650.
Valuation Metrics
Array Technologies Inc. (ARRY) has a trailing price-to-earnings (P/E) ratio of 48.17. Beta for the stock is 1.78. There are also a few other valuation ratios worth considering, including the trailing price-to-sales (P/S) ratio of 1.85, the price-to-book (PB) ratio of 12.17, and the price-to-cash flow ratio of 13.18.
Financial Health
For the three months ended June 29, Array Technologies Inc.’s quick ratio was 1.60, while its current ratio was 2.10, indicating its ability to pay off its debt. The company’s long-term debt to equity ratio for the quarter ending June 29 is 2.44, and the total debt to equity ratio is 2.57. As far as profitability goes, gross margin for the trailing twelve months is 22.90% percent. Array Technologies Inc.’s EBITDA margin for the year ended June 29 was 5.13%, whereas its operating margin stood at 11.80% for the same period. Based on annual data, it had gross profit of $227.28 million and revenue of $1.64 billion.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. ARRY’s return on assets (ROA) during the last 12 months has been 4.20%. There was a 3.80% return on investment (ROI) in the past year. In the meantime, the return on equity (ROE) for the last 12 months was 43.00%.
Earnings Surprise
According to Array Technologies Inc.’s quarterly financial report for the quarter that ended June 29. A higher net income was reported in the quarter under review than the previous quarter. Net income for the quarter came in at $507.04 million, while revenues rose by 17.19% to $376.77 million. It was predicted that Array Technologies Inc.’s quarterly earnings would be $0.47, but it ended up being $0.18, beating the consensus by 161.10%. EBITDA was $111.57 million for the quarter. At the end of Array Technologies Inc.’s most recent quarter ended June 29, its liabilities totaled 1.57 billion, while its total debt was $756.05 million. Equity owned by shareholders amounts to $151.07 million.
Technical Picture
Here’s a quick look at Array Technologies Inc.’s (ARRY) price momentum from a technical perspective. As of 14 August, the RSI 9-day stood at 75.43%, suggesting the stock is Overbought, with a 113.66% historical volatility rate.
The stochastic %K and %D were 90.98% and 79.84% respectively, while the average true range (ATR) was 1.25. Based on the 14-day stochastic reading of 90.84%, the RSI (14) reading is 68.69%. On the 9-day MACD Oscillator, the stock is at 2.96, and the 14-day reading is at 3.37.
Analyst Ratings
In its analyst report released on June 28, 2023, Janney began covering Array Technologies Inc. (NASDAQ: ARRY). The stock was rated as a Buy by the brokerage firm. Analysts have assigned Array Technologies Inc. (ARRY) an Overweight rating. ARRY is a stock that is recommended for selling by 1 brokerage firm, while 3 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 1 rate it overweight and 17 others recommend it as a buy.
What is ARRY’s price target for the next 12 months?
The current consensus forecast for the stock is between $16.00 and $36.00, with a median target price of $30.00. In analyzing these forecasts, the average price target given by analysts for Array Technologies Inc. (ARRY) is $29.45.
