Piper Sandler launched its Array Technologies [ARRY] rating to the equivalent of Overweight and assigned the price target of $60.0, in a research note dated 2021-01-08. That figure represents around a 20.72% premium from where the company’s shares closed on Thursday. Some new analysts also started their coverage, with ROTH Capital’s analysts assigning the shares to “a Buy” rating in a research note to investors issued in early December. Meanwhile, UBS had launched its coverage on ARRY with “Neutral”, in a research note produced for clients November 09, 2020. In addition, Oppenheimer launched coverage on November 09, 2020. The research firm rated ARRY “a Perform”.
ARRY Price Performance
On Wall Street, Array Technologies Inc. [NASDAQ:ARRY] finished Thursday’s session up 5.65% at $49.70. The stock went up to $51.47 at the same session while its lowest single day price was $48.65. In the last five days, it saw a rise of about 14.33%, Array Technologies Inc. shares gained by almost 15.21% since the beginning of the year. However, the share price has dropped to as low as -2.53% below its one year high.
Array Technologies Inc. [ARRY] Valuation Measures
Notably, Array Technologies Inc. [ARRY] stock cannot be classified as a good candidate in the listing of underestimated low-priced Solar companies to purchase soonest possible with the prevailing 12-month PE ratio of 66.00. The measure means the stock is exchanging at a premium as compared to the 33.05x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 6.94 PS value ratio is reported for the last one year of reported earnings. That is higher than the industry average of 2.65 which means ARRY serve an unattractive investment opportunity compared to its competitors.
ARRY Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 48.41 level, and in case of violation of this particular level, it will cause more drop to 47.12 level. On the upper level, 52.76 is still the key resistance. The stock may increase to the subsequent resistance at 51.23. The Relative Strength Index (RSI) pinned on the 14-day chart is 69.94, implying a neutral technical stance while the MACD stands at 2.35, meaning price will increase in the next trading period. Percent R indicator moved to 15.03%, implying bullish price movement. Stochastic %K at 75.39% suggest selling the stock.
What is the short interest in Array Technologies Inc.?
Short interest in the Array Technologies Inc. stock has plunged, decreasing by -0.63 million shares to total 2.78 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 2.15 million, data from Yahoo Finance shows. The increase of 22.66% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 17.41% of the overall float for the stock.
ARRY Earnings Forecast For The Current Quarter
Array Technologies Inc. [ARRY] is expected to report earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $164.23M and an earnings per share of $0.06 for Dec 2020. Looking further ahead, the company is expected to report revenue of $279.01M at an EPS of $0.27 for Mar 2021. The estimates represent 15.90% and 5.36% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
ARRY Earnings Estimates For The Current Year
For the financial year, Array Technologies Inc. [NASDAQ:ARRY] is expected to bring in revenue of $856.3M. the price target of $In terms of EPS for the 2020, estimate put it at 0.85. Estimates put next year’s earnings growth at 4.70%, and at an annual 19.83% over the next 5-year period.