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Array Technologies Inc (ARRY), with a market capitalization of $1.51 billion, has reached a significant milestone, with its stock hitting a 52-week high of 10.01 USD. According to InvestingPro data, the company maintains a healthy financial position with a current ratio of 2.22, indicating strong liquidity. This achievement reflects a notable upward trajectory, with the stock delivering an impressive 123.4% return over the past six months. The surge in stock price underscores investor confidence, supported by InvestingPro’s analysis showing expected net income growth and analysts forecasting profitability this year. As Array Technologies continues to navigate the evolving market landscape with an overall "GOOD" Financial Health rating, this 52-week high marks a moment of optimism and potential for future growth. For deeper insights into ARRY’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro along with 10+ additional ProTips.
In other recent news, Array Technologies has completed its acquisition of APA Solar, expanding its product portfolio to include tracker-compatible engineered foundation systems and fixed-tilt racking systems. This acquisition is expected to impact Array’s fiscal year 2025 guidance, with contributions from APA Solar anticipated in the third and fourth quarters. Deutsche Bank has initiated coverage on Array Technologies with a Buy rating, citing the company’s strategic turnaround under current management. Meanwhile, Jefferies has adjusted its price target for Array Technologies multiple times, initially lowering it to $10 before raising it back to $13, while maintaining a Buy rating. The adjustments were influenced by the completion of the APA transaction and the resolution of Treasury guidance-related uncertainty. Additionally, Array Technologies announced that its DuraTrack and OmniTrack systems have been verified by Intertek for compatibility with 2000-volt module-wired systems. This verification confirms that the systems meet technical requirements for 2kV operation without needing additional modifications. These developments highlight Array Technologies’ ongoing strategic initiatives and market positioning.
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