Oppenheimer analyst Colin Rusch maintained a Hold rating on Array Technologies (ARRY) today. The company’s shares closed last Tuesday at $24.95, close to its 52-week low of $23.14.
According to TipRanks.com, Rusch is a top 25 analyst with an average return of 60.5% and a 61.4% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as SolarEdge Technologies, Westport Fuel Systems, and Workhorse Group.
Currently, the analyst consensus on Array Technologies is a Moderate Buy with an average price target of $34.63, implying a 49.4% upside from current levels. In a report released today, Roth Capital also downgraded the stock to Hold with a $25.00 price target.
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Based on Array Technologies’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $181 million and GAAP net loss of $9.77 million. In comparison, last year the company earned revenue of $198 million and had a net profit of $18.19 million.
Based on the recent corporate insider activity of 12 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling 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.
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