Last Updated: 19 Sep 2024
Executive Summary
Array Technologies, Inc. (ARRY) is a manufacturer and supplier of solar tracking systems and related products. The company has a market capitalization of $1.04 billion and is headquartered in Albuquerque, New Mexico. ARRY's stock is currently trading at $6.83, below its 52-week high of $25.14. The company's fundamentals are weak, with negative earnings growth and low margins. Technically, ARRY is in a downtrend and is below its key moving averages. The short-term outlook for ARRY is negative, while the long-term outlook is uncertain.
Company Overview
Array Technologies, Inc. manufactures and supplies solar tracking systems and related products for customers in the United States and internationally. The company's products include single-axis trackers, dual-axis trackers, and fixed-tilt systems. ARRY also provides engineering, procurement, and construction (EPC) services for solar projects. The company's customers include solar developers, utilities, and independent power producers.
Fundamental Analysis
ARRY's financial performance has been weak in recent quarters. The company's revenue declined by 0.496% year-over-year in the latest quarter, and its earnings per share declined by 0.768%. ARRY's gross margin and operating margin are also low, at 20.6% and 14.1%, respectively. The company's profitability is being impacted by rising input costs and supply chain disruptions.
Technical Analysis
ARRY's stock price is in a downtrend and is below its key moving averages. The stock is currently trading at $6.83, below its 50-day moving average of $8.33 and its 200-day moving average of $12.29. The stock's relative strength index (RSI) is also below 50, indicating that it is oversold.
Short Term Outlook
The short-term outlook for ARRY is negative. The stock is in a downtrend and is below its key moving averages. The company's fundamentals are also weak, with negative earnings growth and low margins.
Long Term Outlook
The long-term outlook for ARRY is uncertain. The company's fundamentals are weak, but the solar industry is expected to grow in the coming years. ARRY could benefit from this growth if it can improve its profitability and execute on its growth plans.
Analyst Recommendations
Analysts have a mixed view on ARRY. One analyst has a Strong Buy rating on the stock, three analysts have a Buy rating, six analysts have a Hold rating, and no analysts have a Sell or Strong Sell rating. The average analyst target price for ARRY is $13.73, which implies a potential upside of 101.1% from the current price.
