As of Friday close, Array Technologies Inc.’s (NASDAQ:ARRY) stock was down -$1.17, moving down -4.72 percent to $23.61. The average number of shares traded per day over the past five days has been 3,584,900 shares. 3 times new highs have been achieved over the past 5 days, with a -$1.55 fall in that time frame. In the last twenty days, the average volume was 3,846,585, while in the previous 50 days, it was 4,419,258.
Since last month, ARRY stock rose 6.30%. Shares of the company fell to $20.71 on 08/23/23, the lowest level in the past month. A 52-week high of $26.64 was reached on 09/15/23 after having rallying from a 52-week low of $13.86. Since the beginning of this year, ARRY’s stock price has risen by 22.14% or $4.28, and marked a new high 14 times. However, the stock has declined by -11.37% since its 52-week high.
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ARRY stock investors should be aware that Array Technologies Inc. (ARRY) stock had its last reported insider trading activity 22 days ago on Sep 01. Hottinger Tyson, the Chief Legal Officer of the company, disposed of 7,500 shares for $25.04 on Sep 01. It resulted in a $187,825 divestment by the insider. Patel Nipul M. sold 54,593 shares at an average price of $23.12 on Aug 14. The insider now owns 82,827 shares following the transaction. On Aug 11, Chief Legal Officer Hottinger Tyson sold 8,500 shares at $23.32 apiece. The transaction was valued at $198,220.
Valuation Metrics
Right now, Array Technologies Inc. (ARRY) has a P/E ratio of about 49.19. The stock’s beta is 1.76. Besides these, the trailing price-to-sales (P/S) ratio of 2.07, the price-to-book (PB) ratio of 12.43, and the price-to-cash flow ratio of 14.78 may also be considered.
Financial Health
In the three months ended June 29, Array Technologies Inc.’s quick ratio stood at 1.60, while its current ratio was 2.10, showing that the company is able to pay off its debt. According to company report, the long-term debt-to-equity ratio for the quarter ending June 29 was 2.44, and the total debt-to-equity ratio was 2.57. On the profitability front, the trailing twelve-month gross margin is 22.90% percent. In the year ended June 29, operating margins totaled 11.80%. Based on annual data, ARRY earned $227.28 million in gross profit and brought in $1.64 billion in revenue.
A company’s management is another factor that investors consider when determining the profitability of an investment. In the past year, return on investment (ROI) was 3.80%. Return on equity (ROE) for the past 12 months was 43.00%.
In Array Technologies Inc.’s quarter-end financial report for June 29, it reported total debt of $702.49 million. According to the earnings report, the company had a higher net income in the recent quarter than it did in the previous quarter. ARRY’s revenue rose 17.19% to $376.77 million during the quarter, while net income inched up to $507.04 million. While analysts expected Array Technologies Inc. to report $0.18 quarterly earnings, the actual figure was $0.47 per share, beating the consensus estimate by 161.10%. During the quarter, the company generated $111.57 million in EBITDA. The liabilities of Array Technologies Inc. were 1.57 billion at the end of its most recent quarter ended June 29, and its total debt was $756.05 million. The value of shareholders’ equity is $151.07 million.
Technical Picture
This quick technical analysis looks at Array Technologies Inc.’s (ARRY) price momentum. With a historical volatility rate of 66.91%, the RSI 9-day stood at 44.54% on 22 September.
With respect to its five-day moving average, the current Array Technologies Inc. price is down by -6.16% percent or -$1.55. At present, ARRY shares trade +8.30% above its 20-day simple moving average and +19.42% percent above its 100-day simple moving average. However, the stock is currently trading approximately +14.06% above its SMA50 and +8.05% above its SMA200.
Stochastic coefficient K was 37.89% and Stochastic coefficient D was 44.88%, while ATR was 1.25. Given the Stochastic reading of 11.79% for the 14-day period, the RSI (14) reading has been calculated as 49.63%. As of today, the MACD Oscillator reading stands at -0.39, while the 14-day reading stands at -0.09.
Analyst Ratings
Janney launched its rating on Array Technologies Inc. (NASDAQ: ARRY) to a Buy in a note to investors on June 28, 2023. Array Technologies Inc. (ARRY) has been rated Overweight by analysts. According to 1 brokerage firm, ARRY is a sell, and 3 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 1 analyst rate Array Technologies Inc. stock as buy, with 17 recommending it as overweight.
With a median target price of $31.00, the current consensus forecast for the stock is $18.00 – $38.00. Based on these forecasts, analysts predict Array Technologies Inc. (ARRY) will achieve an average price target of $30.60.
