In a report issued on July 8, Cantor Fitzgerald from Cantor Fitzgerald downgraded Array Technologies (ARRY) to Hold, with a price target of $48.00. The company’s shares closed last Tuesday at $39.70.
The word on The Street in general, suggests a Hold analyst consensus rating for Array Technologies with a $43.81 average price target, which is a 6.2% upside from current levels. In a report issued on November 9, Oppenheimer also initiated coverage with a Hold rating on the stock.
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Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ARRY in relation to earlier this year.
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Array Technologies Inc manufacturers of ground-mounting systems used in solar energy projects. The company’s product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers referred to as a single-axis tracker that move solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Its operations are in United States, Australia, and Rest of the World with United States deriving majority of the revenue.
