Array Technologies Inc (NASDAQ:ARRY) price on current trading day, rose 4.10% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $6.86.
A look at the stock’s price movement, the close in the last trading session was $6.59. Turning to its 52-week performance, $15.35 and $5.15 were the 52-week high and 52-week low respectively. Overall, ARRY moved -2.42% over the past month.
Array Technologies Inc’s market cap currently stands at around $1.04 billion, with investors looking forward to this quarter’s earnings report slated for in March.
Analysts have a consensus estimate of 269.36M for the company’s revenue for the quarter, with a low and high estimate of 254.3M and 296M respectively. The average forecast suggests down to a -21.15% 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 910.37M, representing a -42.26% 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 Hold. On the other hand, the stock is on average a Hold as suggested by medium term indicators while long term indicators are putting the stock in 50% 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 -1.56% and 4.29% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 50.79, while 7-day volatility ratio is 6.80% and 7.01% in the 30-day chart. Further, Array Technologies Inc (ARRY) has a beta value of 1.65, and an average true range (ATR) of 0.47. Analysts have given the company’s stock an average 52-week price target of $9, forecast between a low of $8 and high of $10. Looking at the price targets, the low is -16.62% off current price level while to achieve the yearly target high, price needs to move -45.77%. Nonetheless, investors will most likely welcome a -31.2% jump to $9 which is the analysts’ median price.
If we refocus on Array Technologies Inc (NASDAQ:ARRY), historical trading data shows that trading volumes averaged 5.18 million over the past 3 months. The company’s latest data on shares outstanding shows there are 151.93 million shares.
The 1.65% of Array Technologies Inc’s shares are in the hands of company insiders while institutional holders own 119.39% of the company’s shares. Current price change has pushed the stock 13.58% 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.
