Fintel reports that on August 11, 2023, Wells Fargo maintained coverage of Array Technologies (NASDAQ:ARRY) with a Overweight recommendation.
Analyst Price Forecast Suggests 27.85% Upside
As of August 2, 2023, the average one-year price target for Array Technologies is 28.78. The forecasts range from a low of 16.16 to a high of $38.85. The average price target represents an increase of 27.85% from its latest reported closing price of 22.51.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Array Technologies is 1,961MM, an increase of 8.85%. The projected annual non-GAAP EPS is 1.00.
What is the Fund Sentiment?
There are 559 funds or institutions reporting positions in Array Technologies. This is an increase of 15 owner(s) or 2.76% in the last quarter. Average portfolio weight of all funds dedicated to ARRY is 0.30%, an increase of 13.63%. Total shares owned by institutions decreased in the last three months by 1.69% to 166,581K shares. 
The put/call ratio of ARRY is 0.26, indicating a bullish outlook.
What are Other Shareholders Doing?
Frontier Capital Management Co holds 6,569K shares representing 4.35% ownership of the company. In it's prior filing, the firm reported owning 6,527K shares, representing an increase of 0.65%. The firm increased its portfolio allocation in ARRY by 8.18% over the last quarter.
BNP Paribas Asset Management Holding holds 5,026K shares representing 3.33% ownership of the company. In it's prior filing, the firm reported owning 3,068K shares, representing an increase of 38.95%. The firm increased its portfolio allocation in ARRY by 4.54% over the last quarter.
Invesco holds 4,654K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 5,243K shares, representing a decrease of 12.66%. The firm decreased its portfolio allocation in ARRY by 4.31% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,403K shares representing 2.92% ownership of the company. In it's prior filing, the firm reported owning 4,327K shares, representing an increase of 1.73%. The firm increased its portfolio allocation in ARRY by 6.35% over the last quarter.
Electron Capital Partners holds 4,210K shares representing 2.79% ownership of the company. In it's prior filing, the firm reported owning 4,545K shares, representing a decrease of 7.96%. The firm increased its portfolio allocation in ARRY by 11.05% over the last quarter.
Array Technologies Background Information
(This description is provided by the company.)
Array Technologies is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world's largest manufacturers of ground-mounted systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company's focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry's best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia.
Additional reading:
- 0 Array Technologies 2Q 2023 Earnings Call August 8, 2023 1 Disclaimer Forward-Looking Statements and Other Information This presentation contains forward-looking statements that are based on our management’s beliefs and assumptions and on informatio
- Array Technologies, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) (in thousands, except per share and share amounts)
- Array Technologies Publishes Third Annual Environmental, Social, and Governance Report The company achieved noteworthy progress in elevating sustainability goals and strengthening alignment with the company’s vision and values
- Amendment No. 3, dated March 2, 2023, to the credit agreement by and among Array Tech, Inc. (f/k/a Array Technologies, Inc.), as borrower, ATI Investment Sub, Inc. as guarantor, Goldman Sachs Bank USA, as administrative agent and collateral agent, and the lenders from time to time party thereto
- 0 Array Technologies 1Q 2023 Earnings Call May 9, 2023 1 Disclaimer Forward-Looking Statements and Other Information This presentation contains forward-looking statements, as the term is used within federal securities laws. All statements other than
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
