Hill City Capital LP recently announced the acquisition of new stake in Array Technologies Inc (NASDAQ:ARRY). The institutional investor has increased its shareholding in the Technology company by 73.98% to 7.77 million shares with purchase of 3.3 million shares. This fresh investment now brings its stake to 5.14% valued currently at $134.66 million. In addition, Norges Bank Investment Management raised its holdings by 0.56 million to 7.68 million shares. And Electron Capital Partners LLC has lifted its position by 13.61% or 0.73 million shares – to 6.12 million shares.
With over 7.1 million Array Technologies Inc (ARRY) shares trading Monday and a closing price of $15.99 on the day, the dollar volume was approximately $113.47 million. The shares have shown a negative half year performance of -30.99% and its price on 12/04/23 lost nearly -1.72%. Currently, there are 150.51M common shares owned by the public and among those 146.71M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 23 analysts who have offered their price forecasts for ARRY have a consensus price objective of $26.89. The analysts have set the share’s price value over the next 12 months at a high of $38.00 and a low of $17.00. The average price target is 40.54% above its recent price level and an upside to the estimated low will see the stock gain 5.94% over that period. But an upside of 57.92% will see the stock hit the forecast high price target while median target price for the stock is $26.00.
Insiders at the company have transacted a total of 48 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 27 of these insider trades were purchases, accounting for 380,240 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 114,600 shares.
The top 3 mutual fund holders in Array Technologies Inc are Government Pension Fund – Global, BNP Paribas Funds – Energy Transi, and Vanguard Total Stock Market ETF. Government Pension Fund – Global owns 7.12 million shares of the company’s stock, all valued at over $123.36 million. The company sold 94241.0 shares recently to bring their total holdings to about 4.71% of the shares outstanding. BNP Paribas Funds – Energy Transi bought 2.18 million shares to see its total holdings expand to 4.74 million shares valued at over $82.1 million and representing 3.14% of the shares outstanding. Vanguard Total Stock Market ETF bought 50564.0 shares to bring its total holdings to over 4.51 million shares at a value of $78.09 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.98% of the shares outstanding.
Shares of Array Technologies Inc (NASDAQ: ARRY) opened at $16.20, down -$0.07 from a prior closing price of $16.27. However, the script later moved the day high at 16.64, down -1.72%. The company’s stock has a 5-day price change of 8.33% and -35.83% over the past three months. ARRY shares are trading -17.28% year to date (YTD), with the 12-month market performance down to -21.85% lower. It has a 12-month low price of $13.34 and touched a high of $26.64 over the same period. ARRY has an average intraday trading volume of 5.20 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.11%, -11.09%, and -21.28% respectively.
Institutional ownership of Array Technologies Inc (NASDAQ: ARRY) shares accounts for 114.57% of the company’s 150.51M shares outstanding. Mutual fund holders own 52.18%, while other institutional holders and individual stakeholders account for 65.21% and 24.85% respectively.
It has a market capitalization of $2.42B and a beta (3y monthly) value of 1.65. The stock’s trailing 12-month PE ratio is 41.68, while the earnings-per-share (ttm) stands at $0.38. The company has a PEG of 0.93 and a Quick Ratio of 1.62 with the debt-to-equity ratio at 1.13. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.85% over the week and 5.94% over the month.
Analysts forecast that Array Technologies Inc (ARRY) will achieve an EPS of $0.11 for the current quarter, $0.22 for the next quarter and $1.28 for 2024. The lowest estimate earnings-per-share for the quarter is $0.09 while analysts give the company a high EPS estimate of $0.13. Comparatively, EPS for the current quarter was $0.1 a year ago. Earnings per share for the fiscal year are expected to increase by 163.84%, and 29.94% over the next financial year. EPS should grow at an annualized rate of 44.60% over the next five years, compared to 11.68% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 23 brokerage firm advisors rate Array Technologies Inc (ARRY) as a “Strong Buy” at a consensus score of 1.57. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 6 of the 23 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ARRY, a number of firms have released research notes about the stock. Mizuho stated their Neutral rating for the stock in a research note on November 21, 2023, with the firm’s price target at $19.
