Array Technologies Inc (NASDAQ:ARRY) finished Friday with a subtraction of -$1.01 to close at $22.19, a downside of -4.35 percent. An average of 3,636,180 shares of common stock have been traded in the last five days. There was a fall of -$1.42 in the past week, and it reached a new high 19 times over the past 12 months. The last 20 days have seen an average of 3,556,060 shares traded, while the 50-day average volume stands at 4,369,006.
ARRY stock has decreased by -10.09% in the last month. The company shares reached their 1-month lowest point of $21.95 on 09/29/23. With the stock rallying to its 52-week high on 09/15/23, shares of the company touched a low of $13.86 and a high of $26.64 in 52 weeks. It has reached a new high 14 times so far this year and achieved 14.80% or $2.86 in price. In spite of this, the price is down -16.70% 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 29 days ago on Sep 01. In this transaction, the insider spent $187,825. Chief Financial Officer, Patel Nipul M., disposed of 54,593 shares at a price of $23.12 on Aug 14. The insider now owns more than $1,262,190 worth of shares. Prior to that, Chief Legal Officer Hottinger Tyson went on to Sale 8,500 shares at $23.32 each on Aug 11. An amount of $198,220 was transacted.
Valuation Metrics
Array Technologies Inc (ARRY) has a trailing price-to-earnings (P/E) ratio of 43.86. The stock’s beta is 1.78. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 1.86, the price-to-book (PB) ratio at 11.66, and the price-to-cash flow ratio at 13.30.
Financial Health
The quick ratio of Array Technologies Inc for the three months ended June 29 was 1.61, and the current ratio was 2.09, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 1.15 and a total debt to equity ratio of 1.21 for the quarter ending June 29. Its gross profit as reported stood at $227.28 million compared to revenue of $1.64 billion.
Earnings Surprise
For the three-month period that ended June 29, Array Technologies Inc had $702.49 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 $52.02 million in the quarter, while revenues of $13.65 million were grew 133.47%. The analyst consensus anticipated Array Technologies Inc’s latest quarter earnings to come in at $0.18 per share, but it turned out to be $0.47, a 161.10% surprise. For the quarter, EBITDA amounted to $111.57 million. Shareholders own equity worth $151.07 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 29 September was 35.12%, suggesting the stock is Neutral, with historical volatility in this time frame at 40.39%.
As of today, ARRY’s price is $22.99 -6.01% or -$1.42 from its 5-day moving average. ARRY is currently trading -10.78% lower than its 20-day SMA and +18.92% higher than its 100-day SMA. However, the stock’s current price level is +15.21% above the SMA50 and +7.67% above the SMA200.
The stochastic %K and %D were 14.29% and 15.37%, respectively, and the average true range (ATR) was 1.26. With the 14-day stochastic at 5.12% and the average true range at 1.23, the RSI (14) stands at 42.20%. The stock has reached -0.78 on the 9-day MACD Oscillator while the 14-day reading was at -1.28.
Analyst Ratings
Janney launched coverage on Array Technologies Inc (NASDAQ: ARRY) in its analyst report released on June 28, 2023. The firm assigned the stock a Buy rating. 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 17 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 $18.00 and $38.00, with a median target of $31.00. Taking a look at these predictions, the average price target given by analysts for Array Technologies Inc (ARRY) stock is $30.69.
