According to the information given by S&P Global Market Intelligence, ARRAY TECHNOLOGIES (NASDAQ: ARRY) shares have risen by 23.7% in November. The adjusted net income for Array was $0.07 per share, with the third-quarter net loss being $7.2 million ($0.06 per share) and revenue is $139.5 million. Since Array also announced a share offering, the investors decided to return those gains more in the first trading week.
While there have been other important contract signings, Lightsource bp decided on a 1.4 GW deal with Array. Last year in December, there had been a 1.5 GW, $100 million deal signed. A 1 GW purchase deal for single-axis trackers was also announced between Array and RP Construction.
Why did shares fall?
The reason for shares falling in early December is due to ARRAY TECHNOLOGIES (NASDAQ: ARRY) closing a deal on December 7 by selling 36.7 million shares to investors at $35 per share. It led to the recent drop in shares. But investors hope that the recent important contracts signed will keep the company growing in the future. Although Array suffered in early December, the overall solar stalks were high in November.