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 3.75% to 13.45 million shares with purchase of 0.49 million shares. This fresh investment now brings its stake to 8.92% valued currently at $274.96 million. In addition, BlackRock Fund Advisors raised its holdings by 0.17 million to 11.26 million shares. And Norges Bank Investment Management has lifted its position by 7.89% or 0.56 million shares – to 7.68 million shares.
With over 4.29 million Array Technologies Inc. (ARRY) shares trading Monday and a closing price of $24.37 on the day, the dollar volume was approximately $104.63 million. The shares have shown a positive half year performance of 19.75% and its price on 05/22/23 gained nearly 5.36%. Currently, there are 150.61M common shares owned by the public and among those 148.53M 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: 21 analysts who have offered their price forecasts for ARRY have a consensus price objective of $27.28. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $17.00. The average price target is 9.84% above its recent price level and a downside to the estimated low will see the stock lose -43.35% over that period. But an upside of 30.37% will see the stock hit the forecast high price target while median target price for the stock is $27.50.
Insiders at the company have transacted a total of 38 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 404,012 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 60,701 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 $145.57 million. The company sold 94241.0 shares recently to bring their total holdings to about 4.72% of the shares outstanding. BNP Paribas Funds – Energy Transi sold -0.16 million shares to see its total holdings shrink to 4.66 million shares valued at over $95.25 million and representing 3.09% of the shares outstanding. Vanguard Total Stock Market ETF bought 4308.0 shares to bring its total holdings to over 4.4 million shares at a value of $90.04 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.92% of the shares outstanding.
Shares of Array Technologies Inc. (NASDAQ: ARRY) opened at $23.36, up $0.23 from a prior closing price of $23.13. However, the script later moved the day high at 24.67, up 5.36%. The company’s stock has a 5-day price change of 3.92% and 23.83% over the past three months. ARRY shares are trading 26.07% year to date (YTD), with the 12-month market performance up to 170.48% higher. It has a 12-month low price of $8.68 and touched a high of $24.59 over the same period. ARRY has an average intraday trading volume of 4.66 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 19.24%, 20.77%, and 22.39% respectively.
Institutional ownership of Array Technologies Inc. (NASDAQ: ARRY) shares accounts for 113.93% of the company’s 150.61M shares outstanding. Mutual fund holders own 44.07%, while other institutional holders and individual stakeholders account for 59.02% and 24.85% respectively.
It has a market capitalization of $3.65B. The stock’s trailing 12-month PE ratio is 477.84, while the earnings-per-share (ttm) stands at $0.05. The company has a PEG of 10.74 and a Quick Ratio of 1.30 with the debt-to-equity ratio at 3.62. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.85% over the week and 6.40% over the month.
Analysts forecast that Array Technologies Inc. (ARRY) will achieve an EPS of $0.18 for the current quarter, $0.26 for the next quarter and $1.27 for 2024. The lowest estimate earnings-per-share for the quarter is $0.1 while analysts give the company a high EPS estimate of $0.35. Comparatively, EPS for the current quarter was $0.09 a year ago. Earnings per share for the fiscal year are expected to increase by 42.80%, and 49.29% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 21 brokerage firm advisors rate Array Technologies Inc. (ARRY) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 16 Wall Street analysts polled rate the stock as a buy, while 3 of the 21 advise that investors “hold,” and 1 rated it as a “Sell.”
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