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Tag: Array Technologies Stock

  • What Is Causing The Array Technologies (ARRY) Stock To Rise Today?

    Array Technologies, Inc. (NASDAQ: ARRY) has catapulted an impressive 28.64% to reach $23.00 during the current trading session, according to the latest update on Wednesday. In a steady ascent, Array Technologies stock achieved a modest 0.75% gain, culminating the preceding trading session at $17.88.

    Reflecting on its performance in the second quarter concluding on June 30, 2023, Array Technologies (ARRY) has unveiled its financial achievements. The company’s stellar showing during this period surpassed all projections, showcasing exceptional growth across various metrics. A remarkable 21% surge in revenue compared to the previous year was the cornerstone of this accomplishment, with the STI segment contributing an astonishing 124% year-on-year expansion.

    In concrete figures, ARRY generated $507.7 million in revenue, marking an impressive 21% escalation from the $419.9 million recorded in the corresponding period of the prior year. This surge was fueled by an upswing in both the total megawatts shipped and the average selling price, attributed to enhanced pass-through pricing mechanisms benefiting the clientele.

    Undoubtedly, the leap in performance is evident in the gross profit figures reported by Array Technologies, showcasing an unprecedented 276% surge to $150.0 million, as opposed to the prior year’s $39.9 million. This surge is attributable to heightened production volumes and an upsurge in gross profit as a proportion of revenue, propelling the gross margin to an impressive 29.6% from the previous 9.5%. This leap was ushered in by improved pricing dynamics, strategic cost-saving endeavors, and a boost in non-tracker sales.

    Array Technologies’ common stockholders revealed in a remarkable transformation, witnessing net income of $52.0 million, which stands in stark contrast to the net loss of $17.2 million encountered during the identical period in the preceding year. Basic and diluted earnings per share soared to $0.34, eclipsing the basic and diluted loss per share of $0.11 observed during the same timeframe in the prior year.

    As of June 30, 2023, the aggregate value of Array Technologies’ executed contracts and awarded orders stands at a staggering $1.7 billion, with the Array Legacy Operations segment contributing $1.4 billion and STI Norland adding an additional $0.3 billion.

    Further fortifying its standing, Array Technologies (ARRY) has inked a significant partnership agreement with Lock Joint Tube, a leading manufacturer of mechanical and structural-grade steel tubing. This collaboration centers around securing supplies from a novel steel mill situated in Texas, exclusively dedicated to the production of utility-scale solar tubing. This forward-looking alliance bears the dual promise of job creation and optimal production efficiency through the strategic integration of automation technologies.

  • The best-performing stocks in the Solar Sector last trading session

    The best-performing stocks in the Solar Sector last trading session

    During the third quarter of 2020, U.S. solar firms built 3.8 GW of new solar PV capacity. The industry struggled to recover from some of the worst effects of the Covid-19 pandemic in Q2, which saw installations rise by 9%.

    The Solar Energy Industries Association (SEIA) and Wood Mackenzie have released the “US Solar Market Insight Q4 2020” report, which indicates that solar will account for 43% of all additional capacity additions through Q3 2020, more than any other electricity source. In 2020, a record 19 GW of new solar capacity is projected, representing a 43% year-over-year increase from 2019.

    The residential solar sector, which seems to have been the hardest hit by the pandemic’s business effects, has surpassed recovery expectations, rising 14 percent over Q2. Even it stayed below the rate of Q1.

    Following are the best performing stocks in the Solar Sector in the last trading session.

    Array Technologies Inc. (NASDAQ:ARRY) shares were trading up 4.57% at $38.64 at the time of writing on Tuesday. On December 7, 2020, the company declared the closing of the secondary offering by a parent entity of the Company controlled by Oaktree Capital.

    Array Technologies Inc. (NASDAQ:ARRY) share price went from a low point around $29.05 to briefly over $50.99 in past 52 weeks, though shares have since pulled back to $38.64. ARRY market cap has remained high, hitting $4.86B at the time of writing, giving it price-to-sales ratio of more than 5.

    If we look at the recent analyst rating ARRY, JP Morgan upgraded coverage on ARRY shares with an Overweight rating and a $45.39 price target, which implies room for 6.75% upside momentum this year.

    Canadian Solar Inc. (CSIQ) last closed at $43.02, in a 52-week range of $12.00 to $45.70. The firm on November 23, 2020 reported that it signed a power purchase agreement with BTG Pactual and that it was awarded with two projects in a private auction by Furnas Centrais Elétricas for a total of 862 MWp in solar power projects in Brazil. Analysts have a consensus price target of $45.57.

    Enphase Energy Inc. (ENPH) stock soar by 10.61% to $160.46. The company recently revealed the launch of the Enphase Installer Network (EIN) in Australia. The most recent rating by Piper Sandler, on December 11, 2020, is at an Overweight.

    First Solar Inc. (NASDAQ:FSLR) Shares headed rising, higher as much as 5.39%. The most recent rating by Piper Sandler, on December 11, 2020, is at a Neutral.

    JinkoSolar Holding Co. Ltd. (NYSE:JKS) rose 17.78% after gaining more than $9.55 on Tuesday following declaration of changes to its senior management team.

    Sunnova Energy International Inc. (NOVA) last closed at $42.97, in a 52-week range of $6.12 to $46.00. On December 4, 2020, the firm reported that it closed its securitization of leases and power purchase agreements on November 30, 2020. Analysts have a consensus price target of $40.18.

    Sunrun Inc. (RUN) stock soar by 10.63% to $63.17. The firm on November 24, 2020 reported five environmental justice initiatives to expand access to solar and its benefits. The most recent rating by UBS, on October 27, 2020, is at a Sell.

    SolarEdge Technologies Inc. (NASDAQ:SEDG) Shares headed rising, higher as much as 6.97%. The most recent rating by Piper Sandler, on December 11, 2020, is at an Overweight.

    ReneSola Ltd (NYSE:SOL) rose 17.19% after gaining more than $1.2 on Tuesday. The company stated on December 8, 2020, that China’s Ministry of Finance approved ten of the Company’s rooftop projects to receive incentive payments.

    SPI Energy Co. Ltd. (SPI) last closed at $7.64, in a 52-week range of $0.55 to $46.67.

    SunPower Corporation (SPWR) stock soar by 13.10% to $24.87. The firm on November 24, 2020, declared a tender offer to purchase any and all of its outstanding 0.875% Convertible Senior Debentures due 2021. The most recent rating by UBS, on October 27, 2020, is at a Sell.

    Sunworks Inc. (NASDAQ:SUNW) Shares headed rising, higher as much as 12.81%. On December 7, 2020, the company announced that it has sold approximately 3.8 million shares of common stock. The most recent rating by ROTH Capital, on April 02, 2020, is at a Neutral.

    VivoPower International PLC (NASDAQ:VVPR) rose 19.16% after gaining more than $1.23 on Tuesday after announcing the appointment of Gemma Godfrey to the Company’s Board of Directors.