Thinking Of Investing In Array Technologies Inc. (NASDAQ: ARRY) Stock? Here’s What You Need To Know

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Array Technologies Inc. (NASDAQ:ARRY) shares, rose in value on Thursday, 01/06/22, with the stock price down by -0.57% to the previous day’s close as strong demand from buyers drove the stock to $13.84.

Actively observing the price movement in the last trading, the stock closed the session at $13.92, falling within a range of $13.53 and $14.15. Referring to stock’s 52-week performance, its high was $54.78, and the low was $12.72. On the whole, ARRY has fluctuated by -23.11% over the past month.

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With the market capitalization of Array Technologies Inc. currently standing at about $1.90 billion, investors are eagerly awaiting this quarter’s results, scheduled for Mar 07, 2022 – Mar 11, 2022. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.02, which is expected to increase to $0.13 for fiscal year $0.15 and then to about $0.69 by fiscal year 2022. Data indicates that the EPS growth is expected to be -83.90% in 2022, while the next year’s EPS growth is forecast to be 360.00%.

Analysts have estimated the company’s revenue for the quarter at $215.51 million, with a low estimate of $209.95 million and a high estimate of $231.7 million. According to the average forecast, sales growth in current quarter could jump up 19.40%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2022, the company’s y-o-y revenues would reach $858.13 million, representing a decrease of -1.70% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that ARRY’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of ARRY currently trading nearly -15.34% and -29.41% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 28.32, while the 7-day volatility ratio is showing 6.71% which for the 30-day chart, stands at 5.98%. Furthermore, Array Technologies Inc. (ARRY)’s average true range (ATR) is 1.11.

Data on historical trading for Array Technologies Inc. (NASDAQ:ARRY) indicates that the trading volumes over the past 10 days have averaged 2.83 million and over the past 3 months, they’ve averaged 2.97 million. According to company’s latest data on outstanding shares, there are 130.96 million shares outstanding.

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The data on short interest also indicates that stock shorts accounted for 12.0 million shares as on Dec 14, 2021, resulting in a short ratio of 4. According to the data, the short interest in Array Technologies Inc. (ARRY) stood at 8.89% of shares outstanding as of Dec 14, 2021; the number of short shares registered in Nov 14, 2021 reached 10.08 million. The stock has fallen by -11.79% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the ARRY stock heading into the next quarter.