Why Array Stock Popped Today

Array Technologies, Inc. ARRY shares are trading higher following a second-quarter earnings beat. 

What To Know: On Tuesday, Array posted second-quarter earnings. The company reported quarterly earnings of 47 cents per share which beat the analyst consensus estimate of 18 cents, a 422.22% increase over earnings of nine cents per share from the same period last year. The company reported quarterly sales of $507.70 million which beat the analyst consensus estimate of $448.84 million, a 19.48% increase over sales of $424.93 million the same period last year.

Array also anticipates full-year 2023 revenue between $1.65 billion and $1.725 billion, versus the $1.85 billion estimate.

In addition to shares of the stock surging over 25% on Wednesday, the company also had its price target raised.

JP Morgan analyst Mark Strouse maintained Array Technologies with a Overweight and raised the price target from $33 to $35.

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ARRY Price Action: Shares of ARRY were up 26.2% at $22.57 at the time of publication, according to Benzinga Pro.

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