Shares of Array Technologies Inc (NASDAQ: ARRY) are up about 20% on Friday, which is surprising since the company missed Wall Street estimates for Q3 just last night.
All wasn’t bad though
Today’s price action could be attributed to more than one reason. First being the bright spots in the earnings report despite weaker-than-expected earnings and revenue.
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Array Technologies saw its order book expand to $1.0 billion at the end of Q3 – the highest it has ever been in the company’s history. More importantly, the management expects contracts and orders to fuel margin growth from 4.8% now to roughly 20% in the back half of 2022.
So, shareholders might be responding to the hawkish outlook for the future on Friday, forgiving the underperformance in the recent quarter. The $3.35 billion company is a New Mexico based provider of utility-scale solar tracker technology.
Analysts see more upside in ARRY
Another reason the stock is celebrating today could be an update from two analysts, both of whom see a significant upside in the share price.
Credit Suisse’s Maheep Mandloi reiterated his “outperform” rating on ARRY this morning and raised his price target to $30 a share that represents a further 14% upside from here. The analyst previously had a PT of $27 on the stock.
Jon Windham at UBS is also bullish on Array Technologies, albeit not as much as Mandloi. His “outperform” rating comes with a price target of $27 or another 2.0% increase on today’s 20% jump. His previous PT was at $25.
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