Why Array Technologies Stock Is Falling

Array Technologies, Inc. ARRY shares are trading lower Wednesday after the company reported worse-than-expected third-quarter revenue results and issued full year revenue guidance below estimates.

What To Know:

Array Technologies reported quarterly earnings of $0.21 per share, beating the analyst consensus estimate of 12 cents by 75% and representing a 16.67% increase over earnings of 18 cents per share from the same period last year.

The company reported quarterly sales of $350.44 million, missing the analyst consensus estimate of $371.14 million by 5.58% and representing a 31.96% percent decrease over sales of $515.02 million the same period last year.

On Wednesday, Goldman Sachs analyst Brian Lee maintained Array Technologies with a Buy and lowered the price target from $36 to $31.

Shares of ARRY are falling on heavy trading volume. According to data from Benzinga Pro, more than 13.75 million shares have been traded in the session, compared to the stock's 100-day average of 5.034 million shares.

Array Technologies shares have garnered significant short interest with 12.91% of available shares being sold short.

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ARRY Price Action: According to Benzinga Pro, Array Technologies shares are down by more than 17% at $15.00 at the time of publication.

Image: chuck herrera from Pixabay