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In a challenging market environment, Array Technologies Inc . (NASDAQ:ARRY) stock has touched a 52-week low, dipping to $5.51. The solar energy company, known for its solar tracking solutions, has faced a significant downturn over the past year, with its stock price reflecting a steep decline of 64.45% from the previous year. According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 2.41, though revenue has declined 40% in the last twelve months. Investors have been cautious as the company navigates through the headwinds of supply chain disruptions and competitive pressures, which have weighed heavily on its market valuation. The current price level marks a critical point for Array Technologies as it strives to regain its footing in the renewable energy sector. InvestingPro analysis suggests the stock is currently undervalued, with a notable free cash flow yield of 21%. Discover 15 additional exclusive ProTips and comprehensive analysis in the Pro Research Report, available with an InvestingPro subscription.
In other recent news, Array Technologies reported a revenue of $231 million and an adjusted EBITDA of $47 million, surpassing expectations. Despite a net loss primarily due to a noncash goodwill impairment charge, the company maintains a robust adjusted gross margin of 35.4%. In leadership changes, Array Technologies has appointed H. Keith Jennings as its Chief Financial Officer and added Leonardo Serpa as General Manager and Héctor Sánchez as Vice President of Sales for its Europe, the Middle East, and Africa operations.
Susquehanna Financial Group revised its stock price target for Array Technologies to $9, maintaining a positive rating, while BMO Capital Markets adjusted its price target to $8. Both firms noted ongoing project delays and increased competition as factors in their assessments.
Array Technologies also introduced new products, including a 77-degree tracker and SkyLink architecture, with expectations of strong double-digit growth in 2025. These are recent developments in the company's operations and financial performance. Despite challenges from an Anti-Dumping/Countervailing Duty investigation and election uncertainties, the company's backlog remained consistent at around $2 billion.
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