Array Technologies Inc (NASDAQ:ARRY) price on Thursday, May 22, fall -3.09% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $6.89.
A look at the stock’s price movement, the close in the last trading session was $7.11. Turning to its 52-week performance, $14.69 and $3.76 were the 52-week high and 52-week low respectively. Overall, ARRY moved 59.12% over the past month.
Array Technologies Inc’s market cap currently stands at around $1.05 billion, with investors looking forward to this quarter’s earnings report slated for in June.
Analysts have a consensus estimate of 292.7M for the company’s revenue for the quarter, with a low and high estimate of 255.13M and 328M respectively. The average forecast suggests up to a 14.44% 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 1.11B, representing a 20.81% jump 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 50% Buy. On the other hand, the stock is on average a 50% Sell as suggested by medium term indicators while long term indicators are putting the stock in 50% Buy 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 9.74% and 26.35% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 56.67, while 7-day volatility ratio is 5.72% and 7.71% in the 30-day chart. Further, Array Technologies Inc (ARRY) has a beta value of 1.79, and an average true range (ATR) of 0.70. Analysts have given the company’s stock an average 52-week price target of $8.5, forecast between a low of $6 and high of $13. Looking at the price targets, the low is 12.92% off current price level while to achieve the yearly target high, price needs to move -88.68%. Nonetheless, investors will most likely welcome a -23.37% jump to $8.5 which is the analysts’ median price.
If we refocus on Array Technologies Inc (NASDAQ:ARRY), historical trading data shows that trading volumes averaged 6.41 million over the past 3 months. The company’s latest data on shares outstanding shows there are 152.51 million shares.
The 1.64% of Array Technologies Inc’s shares are in the hands of company insiders while institutional holders own 112.05% of the company’s shares. Current price change has pushed the stock 14.07% 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.
