The Vanguard Group, Inc. 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 1.95% to 12.96 million shares with purchase of 0.25 million shares. This fresh investment now brings its stake to 8.62% valued currently at $234.57 million. In addition, BlackRock Fund Advisors raised its holdings by 0.11 million to 11.21 million shares. And Fidelity Management & Research Co has lifted its position by 6.16% or 0.47 million shares – to 8.03 million shares.
With over 4.21 million Array Technologies Inc. (ARRY) shares trading Tuesday and a closing price of $21.62 on the day, the dollar volume was approximately $91.0 million. The shares have shown a positive half year performance of 134.49% and its price on 11/22/22 gained nearly 3.05%. Currently, there are 150.32M common shares owned by the public and among those 148.52M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for ARRY have a consensus price objective of $27.08. The analysts have set the share’s price value over the next 12 months at a high of $36.00 and a low of $16.00. The average price target is 20.16% above its recent price level and a downside to the estimated low will see the stock lose -35.13% over that period. But an upside of 39.94% will see the stock hit the forecast high price target while median target price for the stock is $29.00.
Insiders at the company have transacted a total of 27 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 393,907 shares. Insider sales of the common stock occurred on 4 occasions, with total insider shares sold totaling 17,520 shares.
The top 3 mutual fund holders in Array Technologies Inc. are Government Pension Fund – Global, Vanguard Total Stock Market Index, and Invesco Solar ETF. Government Pension Fund – Global owns 7.21 million shares of the company’s stock, all valued at over $130.55 million. The company bought an additional 5.76 million shares recently to bring their total holdings to about 4.80% of the shares outstanding. Vanguard Total Stock Market Index bought 14153.0 shares to see its total holdings expand to 4.3 million shares valued at over $77.9 million and representing 2.86% of the shares outstanding. Invesco Solar ETF now owns shares totaling to 2.70% of the shares outstanding.
Shares of Array Technologies Inc. (NASDAQ: ARRY) opened at $21.00, up $0.02 from a prior closing price of $20.98. However, the script later moved the day high at 21.70, up 3.05%. The company’s stock has a 5-day price change of 2.81% and 0.84% over the past three months. ARRY shares are trading 37.79% year to date (YTD), with the 12-month market performance down to -10.73% lower. It has a 12-month low price of $5.45 and touched a high of $25.91 over the same period. ARRY has an average intraday trading volume of 3.93 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 16.70%, 23.28%, and 56.89% respectively.
Institutional ownership of Array Technologies Inc. (NASDAQ: ARRY) 150.32M shares outstanding. Mutual fund holders own 42.48%, while other institutional holders and individual stakeholders account for 58.43% and 24.77% respectively.
It has a market capitalization of $3.25B. The earnings-per-share (ttm) stands at -$0.39. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.51% over the week and 7.77% over the month.
Analysts forecast that Array Technologies Inc. (ARRY) will achieve an EPS of $0.1 for the current quarter, $0.13 for the next quarter and $0.95 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.02 while analysts give the company a high EPS estimate of $0.17. Comparatively, EPS for the current quarter was -$0.07 a year ago. Earnings per share for the fiscal year are expected to decrease by -217.80%, and 181.64% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate Array Technologies Inc. (ARRY) as a “Moderate Buy” at a consensus score of 2.30. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 3 of the 13 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the ARRY, a number of firms have released research notes about the stock. Piper Sandler stated their Overweight rating for the stock in a research note on September 19, 2022, with the firm’s price target at $20-$28. Morgan Stanley coverage for the Array Technologies Inc. (ARRY) stock in a research note released on August 18, 2022 offered a Underweight rating with a price target of $15. Northland Capital on their part issued Outperform rating on May 23, 2022.