The trading price of Array Technologies, Inc. (NASDAQ:ARRY) closed higher on Tuesday, Jan 12, closing at $51, 0.02% higher than its previous close.
Traders who pay close attention to intraday price movement should know that it fluctuated between $49.28 and $52.23. The company’s P/E ratio in the trailing 12-month period was 67.74, while its 5Y monthly beta was 0. In examining the 52-week price action we see that the stock hit a 52-week high of $54.78 and a 52-week low of $29.05. Over the past month, the stock has gained 41.3% in value.
Here is the average analyst rating on the stock as represented by 1.00 to 5.00, with the extremes of 1.00 and 5.00 suggesting the stock should be considered as either strong buy or strong sell respectively. The number of analysts that have assigned ARRY a recommendation rating is 11. Out of them, 5 rate it a Hold, while 5 recommend Buy, whereas none assign an Outperform rating. None analyst(s) have tagged Array Technologies, Inc. (ARRY) as Underperform, while 1 advise Sell. Analysts have rated the stock Overweight, likely urging investors to take advantage of the opportunity to add to their holdings of the company’s shares.
If we dig deeper into the stock’s outlook, we see that the stock’s PEG is 3.42, which symbolizes a positive outlook. A quick review shows that ARRY’s price is currently 17.48% off the SMA20 and 23.38% off the SMA50. The RSI metric on the 14-day chart is currently showing 71.96, and weekly volatility stands at 8.4%. When measured over the past 30 days, the indicator reaches 6.35%. Array Technologies, Inc. (NASDAQ:ARRY)’s beta value is currently sitting at 0, while the Average True Range indicator is currently displaying 3.11. With analysts defining $37-$60 as the low and high price targets, we arrive at a consensus price target of $47.85 for the trailing 12-month period. The current price is about -27.47% off the estimated low and 17.62% off the forecast high, based on this estimate. Investors will be thrilled if ARRY’s share price rises to $46, which is the median consensus price. At that level, ARRY’s share price would be -9.82% above current price.
To see how Array Technologies, Inc. stock has been performing in comparison to its peers in the industry, here are the numbers: ARRY stock’s performance was +0.02% in the latest trading, and 0% in the past year, while Enphase Energy Inc (ENPH) has traded +2.38% on the day and positioned +570.64% higher than it was a year ago. Another comparable company Sunrun Inc (RUN) saw its stock close -2.28% lower in the most recent trading session but was up +513.12% in a year. Furthermore, Solaredge Tech (SEDG) showed an increase of 0.02% on the day while its price kept declining at 0% over the past year. Array Technologies, Inc. has a P/E ratio of 67.74, compared to Enphase Energy Inc’s 161.83 and Sunrun Inc’s 3014.19. Also in last trading session, the S&P 500 Index has surged 0.04%, while the Dow Jones Industrial also saw a positive session, up +0.19% on the day.
An evaluation of the daily trading volume of Array Technologies, Inc. (NASDAQ:ARRY) indicates that the 3-month average is 3.13 Million. However, this figure has declined over the past 10 days to an average of 2.17 Million.
Currently, records show that 126.99 Million of the company’s shares remain outstanding. According to Thomson Reuters data, insiders hold 21.97% of outstanding shares, whereas institutions hold 77.67%. The stats also highlight that short interest as of December 14, 2020, stood at 2.78 Million shares, resulting in a short ratio of 1.14 at that time. From this, we can conclude that short interest is 2.19% of the company’s total outstanding shares. It is noteworthy that short shares in December were up slightly from the previous month’s figure, which was 2.15 Million. However, since the stock’s price has seen +18.24% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.
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