Array Technologies Inc (NASDAQ:ARRY) saw a downside of -0.69% to close Tuesday at $22.98 after subtracting -$0.16 on the day. The 5-day average trading volume is 3,267,660 shares of the company’s common stock. It has gained $26.04 in the past week and touched a new high 1 time within the past 5 days. An average of 3,705,405 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 4,383,506.
ARRY’s 1-month performance is 1.01% or $0.23 on its low of $22.54 reached on 09/25/23. The company’s shares have touched a 52-week low of $13.86 and high of $26.64, with the stock’s rally to the 52-week high happening on 09/15/23. YTD, ARRY has achieved 18.88% or $3.65 and has reached a new high 14 times. However, the current price is down -13.74% from the 52-week high price.
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Insider Transactions
ARRY stock investors last saw insider trading activity on Sep 01.Hottinger Tyson (Chief Legal Officer) most recently sold 7,500 shares at $25.04 per share on Sep 01. This transaction cost the insider $187,825. Chief Financial Officer, Patel Nipul M., sold 54,593 shares at a price of $23.12 on Aug 14. Then, on Aug 11, Chief Legal Officer Hottinger Tyson sold 8,500 shares at a price of $23.32 per share. This transaction amounted to $198,220.
Valuation Metrics
ARRY stock has a beta of 1.79. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 1.93 while the price-to-book (PB) in the most recent quarter is 12.08, with the price to cash flow ratio at 13.78.
Array Technologies Inc’s quick ratio for the period ended June 29 was 1.61, with the current ratio over the same period at 2.09. As well, the company’s long term debt to equity for the quarter ending June 29 was 1.15, while the total debt to equity was 1.21.. In terms of profitability, the gross margin trailing 12 months is 18.68%. The trailing 12-month EBITDA margin is 5.13% while for the period ending June 29, Array Technologies Inc’s operating margin was 10.08%. The firm’s gross profit as reported stood at $227.28 million against revenue of $1.64 billion.
Earnings Surprise
For the quarterly period ending June 29 this year, Net income and sales went up compared to those figures reported in the previous quarter. Net income grew 133.47% to $52.02 million, while revenue of $13.65 million was 73.76% off the previous quarter. Analysts expected ARRY to announce $0.18 per share in earnings in its latest quarter, but it posted $0.47, representing a 161.10% surprise. EBITDA for the quarter stood at more than $111.57 million. ARRY stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 1.57 billion, with total debt at $756.05 million. Shareholders hold equity totaling $151.07 million.
Let’s look briefly at Array Technologies Inc (ARRY) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 26 September was 40.02% to suggest the stock is trending Neutral, with historical volatility in this time period at 55.21%.
The stock’s 5-day moving average is $23.93, reflecting a -8.15% or -$2.04 change from its current price. ARRY is currently trading -1.29% above its 20-day SMA, +25.64% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +15.02% and SMA200 by+13.82%.
Stochastic %K and %D was 12.37% and 24.78% and the average true range (ATR) pointed at 1.20. The RSI (14) points at 46.30%, while the 14-day stochastic is at 10.71% with the period’s ATR at 1.19. The stock’s 9-day MACD Oscillator is pointing at -1.23 and -1.11 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Array Technologies Inc (NASDAQ: ARRY), Janney launched coverage with a Buy rating. Analysts offering their rating for ARRY stock have a consensus rating for the stock as Overweight. Currently, 1 brokerage advisors rate ARRY as a “sell,”, while 3 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 1 rates the stock as overweight while 17 have offered a “buy” rating.
What is ARRY’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $18.00 and a high of $38.00, with their median price target at $31.00. Looking at these predictions, the average price target given by analysts is for Array Technologies Inc (ARRY) stock is $30.60.
