Why Array Technologies Stock Is Rising Today

Array Technologies Inc ARRY shares are trading higher Monday after the company announced two new solar tracker systems for the U.S. market. Piper Sandler also upgraded the stock to Overweight.

The U.S. launch of Array's OmniTrack and STI H250 product families expands on the company's existing line of DuraTrack products. The product lines address varying customer requirements and the changing needs of the utility-scale solar industry and meet the IRA's domestic sourcing content requirements. 

"The addition of OmniTrack and STI H250 to our continuously evolving product portfolio will help our U.S. customers to better address the unique challenges of their sites. Having a broader offering for our customers helps bring more clean energy to the market faster, advancing the clean energy transition," said Kevin Hostetler, CEO of Array Technologies.

Piper Sandler analyst Kashy Harrison upgraded Array from a Neutral rating to Overweight on Monday and raised the price target from $20 to $28.

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ARRY Price Action: Array has a 52-week high of $24 and a 52-week low of $5.44.

The stock was up 5.27% at $18.76 at time of publication, according to Benzinga Pro.

Photo: Sebastian Ganso from Pixabay.