Array Technologies up 20% despite weak results: what’s fuelling the stock?

Best Incense Sticks Collections


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.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

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.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,

eToro






10/10

67% of retail CFD accounts lose money



Source link

Daily 2 Daily News