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In a challenging market environment, Array Technologies Inc . (NASDAQ:ARRY) stock has touched a 52-week low, dipping to $3.97. According to InvestingPro data, technical indicators suggest the stock is in oversold territory, with a current market capitalization of $606.5 million. The company, known for its solar tracking solutions, has faced a tumultuous period, reflecting a broader industry trend affected by supply chain issues and fluctuating demand in the renewable energy sector. Over the past year, Array Technologies has seen its stock price plummet, marking a significant 1-year change with a decline of -72.47%. Despite these challenges, InvestingPro analysis indicates the stock is currently undervalued, with a healthy current ratio of 2.28 showing strong liquidity. For deeper insights, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro. This downturn has brought the company's shares to their lowest point in the last year, signaling a period of investor caution as the company navigates through the headwinds facing green technology manufacturers. However, InvestingPro data shows encouraging signs, with net income expected to grow this year and strong free cash flow yield metrics.
In other recent news, Array Technologies reported its fourth-quarter 2024 earnings, revealing a slight miss on earnings per share (EPS) with $0.16 compared to the forecast of $0.18, although revenue exceeded expectations at $275.2 million. The company announced a 42% decline in full-year revenue to $960 million but improved its adjusted gross margin to 34.1%. Looking forward, Array Technologies projects 20% revenue growth for 2025. Barclays (LON:BARC) adjusted its outlook on the company, reducing the price target to $8.00 from $9.00, while maintaining an Overweight rating, citing potential revenue growth from rising steel prices. Meanwhile, RBC Capital Markets initiated coverage with a "Sector Perform" rating and a $7.00 price target, acknowledging Array Technologies' innovations but adopting a cautious stance. Seaport Global Securities downgraded the stock to Neutral, highlighting challenges in closing competitive gaps and deteriorating conditions in Brazil. Mizuho (NYSE:MFG) Securities also lowered its price target from $11.00 to $9.00, maintaining a Neutral rating due to weaker-than-expected growth projections and market challenges in Brazil. Investors continue to watch how Array Technologies navigates these challenges and opportunities.
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