Array Technologies Inc (NASDAQ:ARRY) shares, rose in value, with the stock price down by -0.97% to the previous day’s close as strong demand from buyers drove the stock to $14.26.
Actively observing the price movement in the last trading, the stock closed the session at $14.40. The value of beta (5-year monthly) was 1.64 whereas the PE ratio was 26.51 over 12-month period. Referring to stock’s 52-week performance, its high was $26.64, and the low was $11.38. On the whole, ARRY has fluctuated by 10.80% over the past month.
With the market capitalization of Array Technologies Inc currently standing at about $2.16 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 07, 2024 – May 13, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.03, which is expected to increase to $0.27 for fiscal year $1.07 and then to about $1.43 by fiscal year 2025. Data indicates that the EPS growth is expected to be -5.30% in 2025, while the next year’s EPS growth is forecast to be 33.60%.
Analysts have estimated the company’s revenue for the quarter at $151.92 million, with a low estimate of $135 million and a high estimate of $396 million. According to the average forecast, sales growth in current quarter could jump down -59.70%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $1.35 billion, representing a decrease of -14.10% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that ARRY’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 1.78, with the price of ARRY currently trading nearly 7.16% and 4.67% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 55.12, while the 7-day volatility ratio is showing 4.97% which for the 30-day chart, stands at 5.45%. Furthermore, Array Technologies Inc (ARRY)’s beta value is 1.65, and its average true range (ATR) is 0.76.
A comparison of Array Technologies Inc (ARRY) with its peers suggests the former has fared considerably weaker in the market. ARRY showed an intraday change of -0.97% in last session, and over the past year, it shrunk by -32.19%%.
Data on historical trading for Array Technologies Inc (NASDAQ:ARRY) indicates that the trading volumes over the past 10 days have averaged 6.0 million and over the past 3 months, they’ve averaged 5.91 million. According to company’s latest data on outstanding shares, there are 151.24 million shares outstanding.
Nearly 2.11% of Array Technologies Inc’s shares belong to company insiders and institutional investors own 116.94% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 24.81 million shares as on Mar 15, 2024, resulting in a short ratio of 3.85. According to the data, the short interest in Array Technologies Inc (ARRY) stood at 16.40% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 25.34 million. The stock has fallen by -15.12% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the ARRY stock heading into the next quarter.
