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Friday, September 22, 2023

Array Technologies Inc. (NASDAQ:ARRY) is Waving the Bear Flag

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Array Technologies Inc. (ARRY) shares are trading at lower $40.60 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $43.81.

To add more color to this target, the company’s high over the last year is $50.99 and the low is $29.05 while the S&P 500 is up 17.45%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, ARRY reported a profit of $63.63 million. Array Technologies Inc. also saw revenues increase to $64.68 million. In addition, ARRY has free cash flow of -$88.88 million as of 03-2019. The company’s EBITDA came in at -$36.92 million which compares well with its peers.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. ARRY has a short ratio of 0.67 and outstanding shares of 127.86M.

Company Outlook

ARRY has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 1.0 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 0.75. Array Technologies Inc. ARRY also noted assets of $567.0 million at the end of the last quarter. Investors should also keep an eye on sector updates as ARRY has historically followed its peers on positive news.

All told, Array Technologies Inc. ARRY has strung together solid data and demonstrated underlying fundamentals. At its current valuation, ARRY represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Array Technologies Inc. ARRY is now commanding a market cap of 5.19B and a float of 121.51M. ARRY is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of ARRY stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in ARRY, either long or short, and we have not been compensated for this article.

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