Array Technologies Inc (NASDAQ:ARRY) price on current trading day, fall -3.55% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $5.97.
A look at the stock’s price movement, the close in the last trading session was $6.19, moving within a range at $5.96 and $6.38. The beta value (5-Year monthly) was 1.613. Turning to its 52-week performance, $20.15 and $5.56 were the 52-week high and 52-week low respectively. Overall, ARRY moved -21.55% over the past month.
Array Technologies Inc’s market cap currently stands at around $907.10 million, with investors looking forward to this quarter’s earnings report slated for in January.
Analysts have a consensus estimate of 273.87M for the company’s revenue for the quarter, with a low and high estimate of 254.3M and 322M respectively. The average forecast suggests down to a -19.83% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 916.61M, representing a -41.86% decline on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that ARRY is a 100% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.
17 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 4 analyst(s) rate the stock as a Hold, 13 recommend ARRY as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
ARRY’s current price about -8.90% and -9.63% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 42.68, while 7-day volatility ratio is 6.26% and 8.83% in the 30-day chart. Further, Array Technologies Inc (ARRY) has a beta value of 1.60, and an average true range (ATR) of 0.51. Analysts have given the company’s stock an average 52-week price target of $11, forecast between a low of $8 and high of $18. Looking at the price targets, the low is -34.0% off current price level while to achieve the yearly target high, price needs to move -201.51%. Nonetheless, investors will most likely welcome a -84.25% jump to $11 which is the analysts’ median price.
If we refocus on Array Technologies Inc (NASDAQ:ARRY), historical trading data shows that trading volumes averaged 4.85 over the past 10 days and 6.42 million over the past 3 months. The company’s latest data on shares outstanding shows there are 151.93 million shares.
The 1.67% of Array Technologies Inc’s shares are in the hands of company insiders while institutional holders own 119.77% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 22.17 million on 2024-11-15, giving us a short ratio of 2.61. The data shows that as of 2024-11-15 short interest in Array Technologies Inc (ARRY) stood at 1654.0001 of shares outstanding, with shares short falling to 32.47 million registered in 2024-10-15. Current price change has pushed the stock -64.46% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the ARRY stock continues to rise going into the next quarter.
