Hill City Capital LP has recently announced that it has increased stake in Array Technologies Inc (NASDAQ:ARRY) by 73.98%. After grabbing 7.77 million shares, the institutional investor is now in possession of 3.3 million shares of the Technology Company. The new investment brought the stake of investor firm to 5.14% having worth around $120.21 million. Moreover, Norges Bank Investment Management increased its share by 0.56 million to have a control over 7.68 million shares. And Electron Capital Partners LLC raised its holdings to 0.73 million shares by acquiring 6.12 million shares or 4.05% of the stake.
Array Technologies Inc (ARRY) concluded trading on 12/27/23 at a closing price of $17.12, with 2.98 million shares of worth about $50.98 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -17.81% during that period and on Wednesday the price saw a loss of about -1.44%. Currently the company’s common shares owned by public are about 150.51M shares, out of which, 146.74M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 48 times over the past 12 months. They bought 380,240 shares in 27 of the transactions. In 21 selling transactions, insiders dumped 114,600 shares.
Government Pension Fund – Global, BNP Paribas Funds – Energy Transi, and Vanguard Total Stock Market ETF are the top 3 mutual funds which are holding stakes in Array Technologies Inc Government Pension Fund – Global is currently holding 7.12 million shares of worth totaling $110.12 million. The company recently came selling 94241.0 shares which brought its stake up to 4.71% of the company’s outstanding shares. BNP Paribas Funds – Energy Transi bought 0.36 million shares, after which its hold over company’s outstanding shares expand to 3.37%, leaving 5.1 million shares with the mutual fund that have a worth of about $78.91 million. Vanguard Total Stock Market ETF, after buying 4.51 million shares, have now control over 2.98% of the stake in the company. It holds 6120.0 shares of worth $69.81 million.
Array Technologies Inc (NASDAQ: ARRY) started trading at $17.36, below -$0.01 from concluding price of the previous day. However, the stock later moved at a day high price of 17.43, or with a loss of -1.44%. Stock saw a price change of -7.21% in past 5 days and over the past one month there was a price change of 15.99%. Year-to-date (YTD), ARRY shares are showing a performance of -11.43% which decreased to -16.45% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $13.34 but also hit the highest price of $26.64 during that period. The average intraday trading volume for Array Technologies Inc shares is 5.92 million. The stock is currently trading 1.64% above its 20-day simple moving average (SMA20), while that difference is up 2.47% for SMA50 and it goes to -14.79% lower than SMA200.
Hill City Capital LP acquired 7.77 million shares of Array Technologies Inc having value of about $120.21 million. Data submitted at the U.S SEC by Hill City Capital LP revealed that the firm now holds 3.3 million shares in the company valued at close to $56564480.0, or have control over 73.98% stake in the company. Array Technologies Inc (NASDAQ: ARRY) currently have 150.51M outstanding shares and institutions hold larger chunk of about 114.61% of that. Holding of mutual funds in the company is about 51.63% while other institutional holders and individual stake holders have control over 65.58% and 24.82% of the stake respectively.
The stock has a current market capitalization of $2.59B and its 3Y-monthly beta is at 1.67. PE ratio of stock for trailing 12 months is 44.63, while it has posted earnings per share of $0.38 in the same period. Its PEG reads 1.00 and has Quick Ratio of 1.62 while making debt-to-equity ratio of 1.13. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for ARRY, volatility over the week remained 4.83% while standing at 5.81% over the month.
Analysts are in expectations that Array Technologies Inc (ARRY) stock would likely to be making an EPS of $0.11 in the current quarter, while forecast for next quarter EPS is $0.24 and it is $1.32 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.08 which is $0.13 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.1 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 170.62% while it is estimated to increase by 26.72% in next year. EPS is likely to grow at an annualized rate of 44.60% for next 5-years, compared to annual growth of 11.68% made by the stock over the past 5-years.
Analysts at 25 brokerage firms have issued recommendations for the Array Technologies Inc (ARRY)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.72. Out of those 25 Wall Street analysts, 15 recommended a “Buy” rating, while 8 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Piper Sandler on December 19, 2023 offering a Neutral rating for the stock and assigned a target price range of between $26 and $22 to it.
