Array Technologies (NASDAQ:ARRY) Stock

Array Technologies

Array Technologies Inc manufacturer of ground-mounting systems used in solar energy projects. The company's product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers referred to as a single-axis tracker that move solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Its operations are in the United States, Australia, Spain, Brazil and Rest of the World with the United States deriving the majority of the revenue.

ARRY


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Array Technologies Inc

Exane BNP Paribas analyst Moses Sutton upgrades Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) from Underperform to Neutral and announces $9 price target.

Upgrades

Price Target

Exane BNP Paribas Upgrades Array Technologies to Neutral, Announces $9 Price Target

<h3>Gainers</h3>
<ul>
<li>Lucas GC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGCL#NASDAQ">LGCL</a>) shares rose 31.6% to $0.75 during Wednesday's pre-market session. The market value of their outstanding shares is at $59.9 million. </li>
<li>NEXTracker (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXT#NASDAQ">NXT</a>) stock moved upwards by 26.17% to $49.99. The company's market cap stands at $7.1 billion. As per the news, the Q3 earnings report came out yesterday. </li>
<li>374Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCWO#NASDAQ">SCWO</a>) shares rose 18.74% to $0.57. The market value of their outstanding shares is at $82.0 million. </li>
<li>Planet Labs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PL#NYSE">PL</a>) shares increased by 14.83% to $6.27. The market value of their outstanding shares is at $1.8 billion. </li>
<li>Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) stock moved upwards by 9.99% to $7.35. The company's market cap stands at $1.1 billion. </li>
<li>Decent Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXST#NASDAQ">DXST</a>) shares rose 9.25% to $1.88. The market value of their outstanding shares is at $30.5 million. </li>
</ul>
<h3>Losers</h3>
<ul>
<li>Gencor Industries (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GENC#AMEX">GENC</a>) shares fell 17.6% to $13.0 during Wednesday's pre-market session. The company's market cap stands at $190.5 million. </li>
<li>Nuvve Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVVE#NASDAQ">NVVE</a>) shares decreased by 9.55% to $2.54. The company's market cap stands at $2.2 million. </li>
<li>BioNexus Gene Lab (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BGLC#NASDAQ">BGLC</a>) stock declined by 7.51% to $0.37. The market value of their outstanding shares is at $6.6 million. </li>
<li>Antelope Ent Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEHL#NASDAQ">AEHL</a>) shares declined by 7.04% to $0.13. The company's market cap stands at $4.4 million. </li>
<li>Odyssey Marine Explr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMEX#NASDAQ">OMEX</a>) stock fell 6.18% to $0.57. The market value of their outstanding shares is at $16.5 million. </li>
<li>Rain Enhancement (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RAIN#NASDAQ">RAIN</a>) shares declined by 5.92% to $3.66. The market value of their outstanding shares is at $25.1 million. 
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</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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12 Industrials Stocks Moving In Wednesday's Pre-Market Session

Susquehanna analyst Biju Perincheril downgrades Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) from Positive to Neutral and lowers the price target from $9 to $7.

Downgrades

Susquehanna Downgrades Array Technologies to Neutral, Lowers Price Target to $7

Wells Fargo analyst Michael Blum maintains Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) with a Equal-Weight and lowers the price target from $8 to $7.

Wells Fargo Maintains Equal-Weight on Array Technologies, Lowers Price Target to $7

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Below are some instances of options activity happening in the Industrials sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>RKLB</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$20.00</td>
<td>$298.6K</td>
<td>5.8K</td>
<td>1.3K</td>
</tr>
<tr>
<td>ARRY</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$5.00</td>
<td>$27.5K</td>
<td>807</td>
<td>526</td>
</tr>
<tr>
<td>EOSE</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$2.50</td>
<td>$33.1K</td>
<td>16.2K</td>
<td>474</td>
</tr>
<tr>
<td>IESC</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>12/20/24</td>
<td>$240.00</td>
<td>$25.0K</td>
<td>450</td>
<td>321</td>
</tr>
<tr>
<td>UPS</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$140.00</td>
<td>$32.6K</td>
<td>686</td>
<td>285</td>
</tr>
<tr>
<td>GEO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$30.00</td>
<td>$81.2K</td>
<td>16.6K</td>
<td>279</td>
</tr>
<tr>
<td>NOC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$500.00</td>
<td>$30.0K</td>
<td>704</td>
<td>110</td>
</tr>
<tr>
<td>VRT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/18/25</td>
<td>$105.00</td>
<td>$32.7K</td>
<td>233</td>
<td>110</td>
</tr>
<tr>
<td>HON</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$230.00</td>
<td>$44.6K</td>
<td>645</td>
<td>56</td>
</tr>
<tr>
<td>ALK</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>06/20/25</td>
<td>$70.00</td>
<td>$37.8K</td>
<td>35</td>
<td>44</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• Regarding RKLB (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>), we observe a call option trade with neutral sentiment. It expires in 28 day(s) on January 17, 2025. Parties traded 553 contract(s) at a $20.00 strike. The total cost received by the writing party (or parties) was $298.6K, with a price of $540.0 per contract. There were 5820 open contracts at this strike prior to today, and today 1360 contract(s) were bought and sold. 
• For ARRY (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>), we notice a call option sweep that happens to be bullish, is expiring today. Parties traded 500 contract(s) at a $5.00 strike. This particular call needed to be split into 35 different trades to become filled. The total cost received by the writing party (or parties) was $27.5K, with a price of $55.0 per contract. There were 807 open contracts at this strike prior to today, and today 526 contract(s) were bought and sold. 
• For EOSE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EOSE#NASDAQ">EOSE</a>), we notice a call option trade that happens to be bearish, expiring in 28 day(s) on January 17, 2025. This event was a transfer of 160 contract(s) at a $2.50 strike. The total cost received by the writing party (or parties) was $33.1K, with a price of $207.0 per contract. There were 16270 open contracts at this strike prior to today, and today 474 contract(s) were bought and sold. 
• For IESC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IESC#NASDAQ">IESC</a>), we notice a put option trade that happens to be neutral, is expiring today. Parties traded 10 contract(s) at a $240.00 strike. The total cost received by the writing party (or parties) was $25.0K, with a price of $2500.0 per contract. There were 450 open contracts at this strike prior to today, and today 321 contract(s) were bought and sold. 
• Regarding UPS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UPS#NYSE">UPS</a>), we observe a call option trade with bullish sentiment. It expires in 392 day(s) on January 16, 2026. Parties traded 40 contract(s) at a $140.00 strike. The total cost received by the writing party (or parties) was $32.6K, with a price of $815.0 per contract. There were 686 open contracts at this strike prior to today, and today 285 contract(s) were bought and sold. 
• For GEO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEO#NYSE">GEO</a>), we notice a call option sweep that happens to be bullish, expiring in 91 day(s) on March 21, 2025. This event was a transfer of 250 contract(s) at a $30.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $81.2K, with a price of $325.0 per contract. There were 16645 open contracts at this strike prior to today, and today 279 contract(s) were bought and sold. 
• Regarding NOC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>), we observe a call option sweep with bullish sentiment. It expires in 28 day(s) on January 17, 2025. Parties traded 100 contract(s) at a $500.00 strike. This particular call needed to be split into 22 different trades to become filled. The total cost received by the writing party (or parties) was $30.0K, with a price of $300.0 per contract. There were 704 open contracts at this strike prior to today, and today 110 contract(s) were bought and sold. 
• Regarding VRT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>), we observe a call option trade with bullish sentiment. It expires in 210 day(s) on July 18, 2025. Parties traded 11 contract(s) at a $105.00 strike. The total cost received by the writing party (or parties) was $32.7K, with a price of $2975.0 per contract. There were 233 open contracts at this strike prior to today, and today 110 contract(s) were bought and sold. 
• Regarding HON (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HON#NASDAQ">HON</a>), we observe a put option trade with bearish sentiment. It expires in 63 day(s) on February 21, 2025. Parties traded 48 contract(s) at a $230.00 strike. The total cost received by the writing party (or parties) was $44.6K, with a price of $930.0 per contract. There were 645 open contracts at this strike prior to today, and today 56 contract(s) were bought and sold. 
• Regarding ALK (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>), we observe a put option trade with bullish sentiment. It expires in 182 day(s) on June 20, 2025. Parties traded 44 contract(s) at a $70.00 strike. The total cost received by the writing party (or parties) was $37.8K, with a price of $860.0 per contract. There were 35 open contracts at this strike prior to today, and today 44 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

EOSE

IESC

RKLB

10 Industrials Stocks Whale Activity In Today's Session

Throughout the last three months, 13 analysts have evaluated Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>), offering a diverse set of opinions from bullish to bearish.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">4</td>
<td align="right">6</td>
<td align="right">3</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">3</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">2</td>
<td align="right">3</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for Array Technologies, revealing an average target of $11.0, a high estimate of $20.00, and a low estimate of $6.00. This current average represents a 17.79% decrease from the previous average price target of $13.38. 
<img src="https://www.benzinga.com/files/images/story/2024/1734462010_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
The analysis of recent analyst actions sheds light on the perception of Array Technologies by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Brian Lee</td>
<td>Goldman Sachs</td>
<td>Lowers</td>
<td>Buy</td>
<td>$11.00</td>
<td>$12.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$9.00</td>
<td>$10.00</td>
</tr>
<tr>
<td>Jon Windham</td>
<td>UBS</td>
<td>Lowers</td>
<td>Buy</td>
<td>$10.00</td>
<td>$16.00</td>
</tr>
<tr>
<td>Philip Shen</td>
<td>Roth MKM</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$6.00</td>
<td>$7.00</td>
</tr>
<tr>
<td>Paul Coster</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$15.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Colin Rusch</td>
<td>Oppenheimer</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$14.00</td>
<td>$17.00</td>
</tr>
<tr>
<td>Kashy Harrison</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$7.00</td>
<td>$8.00</td>
</tr>
<tr>
<td>Paul Coster</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$20.00</td>
<td>$22.00</td>
</tr>
<tr>
<td>Biju Perincheril</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$10.00</td>
<td>$14.00</td>
</tr>
<tr>
<td>Jordan Levy</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$10.00</td>
<td>$12.00</td>
</tr>
<tr>
<td>Ameet Thakkar</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$9.00</td>
<td>$11.00</td>
</tr>
<tr>
<td>Joseph Osha</td>
<td>Guggenheim</td>
<td>Lowers</td>
<td>Buy</td>
<td>$12.00</td>
<td>$14.00</td>
</tr>
<tr>
<td>Christine Cho</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$10.00</td>
<td>$11.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to Array Technologies. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Array Technologies compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Array Technologies's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Capture valuable insights into Array Technologies's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/ARRY/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Array Technologies analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>About Array Technologies</h2>
Array Technologies Inc manufacturer of ground-mounting systems used in solar energy projects. The company's product is an integrated system of steel supports, electric motors, gearboxes and electronic controllers referred to as a single-axis tracker that move solar panels throughout the day to maintain an optimal orientation to the sun, which increases their energy production. Its operations are in the United States, Australia, Spain, Brazil and Rest of the World with the United States deriving the majority of the revenue.
<h3>Key Indicators: Array Technologies's Financial Health</h3>
Market Capitalization Analysis: Positioned below industry benchmarks, the company's market capitalization faces constraints in size. This could be influenced by factors such as growth expectations or operational capacity.
Negative Revenue Trend: Examining Array Technologies's financials over 3 months reveals challenges. As of 30 September, 2024, the company experienced a decline of approximately -33.97% in revenue growth, reflecting a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: Array Technologies's net margin falls below industry averages, indicating challenges in achieving strong profitability. With a net margin of -67.17%, the company may face hurdles in effective cost management.
Return on Equity (ROE): The company's ROE is below industry benchmarks, signaling potential difficulties in efficiently using equity capital. With an ROE of -117.55%, the company may need to address challenges in generating satisfactory returns for shareholders.
Return on Assets (ROA): Array Technologies's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of -9.67%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Array Technologies's debt-to-equity ratio is notably higher than the industry average. With a ratio of 10.49, the company relies more heavily on borrowed funds, indicating a higher level of financial risk.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
Which Stocks Are Analysts Recommending Now?
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Where Array Technologies Stands With Analysts

Goldman Sachs analyst Brian Lee maintains Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) with a Buy and lowers the price target from $12 to $11.

Goldman Sachs Maintains Buy on Array Technologies, Lowers Price Target to $11

Management

ARRAY Technologies Appoints H. Keith Jennings As CFO

<a href="https://www.trade.gov/commerce-initiates-antidumping-and-countervailing-duty-investigations-crystalline-silicon" title="https://www.trade.gov/commerce-initiates-antidumping-and-countervailing-duty-investigations-crystalline-silicon">https://www.trade.gov/commerce-initiates-antidumping-and-countervailing-duty-investigations-crystalline-silicon</a>

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U.S. Commerce Dept Sets Preliminary Antidumping Tariff Rate Of 125.37% On Solar Cells From Cambodia; Antidumping Tariff Rate Of 81.22% On Solar Cells From Malaysia; Antidumping Tariff Rate Of 70.36% On Solar Cells From Thailand; Antidumping Tariff Rate Of 271.28% On Solar Cells From Vietnam

ARRAY Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) ("ARRAY" or the "Company"), a global leader in solar tracker technology, is proud to announce its strategic $3 million investment in Swap Robotics, a pioneer in utility-scale solar robotic operations, maintenance, and automation solutions. This investment aligns with ARRAY's ongoing commitment to innovation, sustainability, and its goal of future-proofing the business through new growth opportunities.
Swap Robotics is currently in the process of closing a pre–Series A funding round targeting strategic investors, including ARRAY. With this investment, ARRAY positions itself at the forefront of the rapidly developing automation sector within the utility-scale solar industry, particularly focused on photovoltaic (PV) installation technology. Under the investment agreement, ARRAY has agreed to provide two additional investments of $1 million each if Swap attains certain agreed-upon milestones.

Contracts

ARRAY Announces $3M Investment In Swap Robotics To Drive Automation In PV Installation; Has Agreed To Provide Two Additional Investments Of $1M Each If Swap Attains Certain Agreed-Upon Milestones

Susquehanna analyst Biju Perincheril maintains Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) with a Positive and lowers the price target from $10 to $9.

Susquehanna Maintains Positive on Array Technologies, Lowers Price Target to $9

UBS analyst Jon Windham maintains Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) with a Buy and lowers the price target from $16 to $10.

UBS Maintains Buy on Array Technologies, Lowers Price Target to $10

Roth MKM analyst Philip Shen maintains Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) with a Neutral and lowers the price target from $7 to $6.

Roth MKM Maintains Neutral on Array Technologies, Lowers Price Target to $6

JP Morgan analyst Paul Coster maintains Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) with a Overweight and lowers the price target from $20 to $15.

JP Morgan Maintains Overweight on Array Technologies, Lowers Price Target to $15

Oppenheimer analyst Colin Rusch maintains Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) with a Outperform and lowers the price target from $17 to $14.

Oppenheimer Maintains Outperform on Array Technologies, Lowers Price Target to $14

Guidance

Array Technologies Sees FY24 Revenue $900M-$920M Vs $948.521M Est; Adj. EPS $0.60-$0.65 Vs $0.67 Est

Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) reported quarterly earnings of $0.17 per share which beat the analyst consensus estimate of $0.14 by 21.43 percent. The company reported quarterly sales of $231.400 million which missed the analyst consensus estimate of $232.609 million by 0.52 percent. This is a 33.97 percent decrease over sales of $350.438 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Array Technologies Q3 2024 Adj. EPS $0.17 Beats $0.14 Estimate, Sales $231.400M Miss $232.609M Estimate

Goldman Sachs analysts have highlighted nine companies with significant earnings exposure to <a href="https://www.benzinga.com/topic/inflation-reduction-act">Inflation Reduction Act (IRA) incentives</a>.
With Donald Trump returning to the White House in January, the market is assessing how his policies might influence renewable investments. Goldman's note includes companies primarily in the clean technology sector, where incentives from the IRA have become integral to operations.
The bank's analyst, Brian Lee, has highlighted three stocks with strong upside potential, even considering potential challenges in Trump's second term.
Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>), a leader in solar tracking solutions for utility-scale projects, holds a strong domestic market position. Benefiting from the IRA's 10% bonus for domestic content, Array's potential gains from utility-scale solar demand are substantial, and Lee projects a 114% upside.
The company's manufacturing footprint supports eligibility for IRA tax benefits, yielding credits that have bolstered its gross margins to around 35% in recent quarters. Furthermore, he anticipates the company could see IRA-related cost reductions of up to 8% annually by 2026. The stock is currently down 64% year-to-date.
Lee sees Enphase Energy (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>), a major producer of solar microinverters, with a 75% upside due to IRA incentives. Enphase benefits from domestic manufacturing credits for microinverters, averaging around $27 to $42 per unit, depending on configuration.
The incentives significantly support Enphase's cost structure, with expected credits projected to reach approximately $275 million by 2026. Lee suggests that this subsidy could cover up to 30% of Enphase's non-GAAP EPS within two years. So far, Enphase is down 44% year-to-date.
Nextracker (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXT#NASDAQ">NXT</a>) also benefits from the IRA's manufacturing credits, with a projected upside of 58%. As the leading U.S. provider of solar tracking systems, Nextracker's domestic manufacturing capacity aligns well with the IRA's requirements, which offers a financial lift through torque tube and fastener credits.
Projected IRA credits exceed $204 million by 2027, supporting the company's margin through reduced cost of goods sold.
Meanwhile, Goldman analyst Mark Delaney maintains a neutral stance on Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). While the company benefits directly from the IRA through credits of up to $45 per kWh for battery cells and indirectly through a $7,500 EV consumer tax credit, Delaney notes these advantages are likely already reflected in Tesla's stock valuation—currently at 72.7x its earnings. The benefit of Elon Musk's newly found foothold in Trump's inner circle has yet to materialize.
Though IRA incentives can reduce production costs by around $1,000 to $4,500 per vehicle, the analyst cautions that competition and market saturation may counterbalance these savings, keeping Tesla's potential gains from the IRA modest compared to other, more focused clean-energy stocks.
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Photo: Shutterstock

3 Stocks Set For Major Upside From Inflation Reduction Act — Why Tesla Misses Goldman's List

Guggenheim analyst Joseph Osha downgrades Array Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARRY#NASDAQ">ARRY</a>) from Buy to Neutral.

Guggenheim Downgrades Array Technologies to Neutral

WIIM

CSIQ

SPWR

Shares of solar stocks are trading lower following Donald Trump's presidential election victory. Investors may be assessing Trump's policies regarding solar and renewable energy.

Press Releases

ARRAY Technologies, Inc. Reports Financial Results for the Third Quarter 2024 – Delivers exceptional gross margin growth and continued operational momentum

ARRAY Technologies Appoints Two Industry Veterans to Lead EMEA

ARRAY Announces $3 Million Investment in Swap Robotics to Drive Automation in PV Installation

ARRAY Technologies Names H. Keith Jennings as Chief Financial Officer

General

ARRAY Technologies and RP Surpass 6GW of Solar Power Deployed

Heritage Distilling Company Strengthens Senior Leadership Team with Key Appointments to Accelerate Next Stage of Growth and Innovation

Heritage Distilling Names Michael P. Carrosino as Chief Financial Officer

ARRAY Technologies Names Darin Green as Chief Revenue Officer for North America

ARRAY Technologies Names Gina Gunning as Chief Legal Officer

ARRAY Technologies, Inc. Announces Fourth Quarter and Full Year 2024 Earnings Release Date and Conference Call

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