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Array Technologies, Inc. (ARRY)

NasdaqGM - NasdaqGM Real Time Price. Currency in USD
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48.76+1.33 (+2.81%)
As of 10:53AM EST. Market open.
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Neutralpattern detected
Previous Close47.43
Open48.47
Bid48.83 x 1200
Ask49.00 x 800
Day's Range48.07 - 49.69
52 Week Range29.05 - 50.99
Volume218,155
Avg. Volume3,375,500
Market Cap6.193B
Beta (5Y Monthly)N/A
PE Ratio (TTM)61.19
EPS (TTM)0.80
Earnings DateNov 05, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est43.81
  • Lightsource bp announces a 1.4GW global purchase agreement with Array Technologies
    GlobeNewswire

    Lightsource bp announces a 1.4GW global purchase agreement with Array Technologies

    Advanced Solar Tracker Technology + Software to be deployed across Lightsource bp’s newly developed worldwide solar portfolioLONDON, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Lightsource bp has entered into a purchase agreement with Array Technologies (NASDAQ:ARRY) that will supply Lightsource bp’s newly developed solar portfolio of 1.4GW across the world with DuraTrack® HZ v3 single-axis solar trackers equipped with plant optimizing SmarTrack™ technology. Once constructed and connected, this newly added solar capacity will generate enough combined renewable electricity to power over 266,000 households.Lightsource bp, a global leader in development and management of solar energy projects, expects the agreement to supply and optimize this portfolio of solar power generation projects across growing energy markets worldwide, including the United States, Australia, and Spain.DuraTrack HZ v3 is a market-leading utility-scale solar tracker that offers over 7% lower lifetime costs for asset owners, as well as 31% lower lifetime operations and maintenance costs than competitive, decentralized trackers. SmarTrack is an advanced machine-learning software platform that boosts energy production and revenues for utility-scale solar sites by up to 5% by rapidly and securely optimizing backtracking and diffuse light strategies.This agreement builds on a previous deal between Lightsource bp and Array Technologies reached in December of 2019, an agreement of over $100M USD for 1.5GW of projects across the U.S.“As we continue to grow and progress our 16GW development pipeline, executing global procurement deals with world class suppliers like Array Technologies enables us to leverage the efficiencies of our scale. This approach further optimizes our projects and translates into competitively priced electricity for our customers. Our agreement with Array Technologies demonstrates the quality of partnerships Lightsource bp invests in,” said Nick Boyle, Group CEO for Lightsource bp.“Array’s ongoing collaboration with Lightsource bp has given us insight into how efficiently they prepare and plan,” said Jim Fusaro, CEO for Array Technologies. “Their management team takes the long view on solar and invests at scale in proven technology – to deliver low energy costs for their clients over the full lifetime of a solar project. This customer-centric approach, with a focus on lowering long-term operations expenses, is exactly how we deal with our clients.”About Array Technologies, Inc. Array Technologies is a leading global technology company providing tracker solutions and services for utility-scale solar energy projects as one of the world’s largest manufacturers of ground-mounting systems. With efficient installation and terrain flexibility coupled with high reliability, durability, and performance, Array delivers a lower levelized cost of energy. The Company’s focus on innovation, combined with its customer-centric approach, has helped achieve some of the industry’s best returns. Array Technologies is headquartered in the United States with offices in Europe, Central America, and Australia. Contact us at arraytechinc.com or view our LinkedIn page.About Lightsource bp Lightsource bp is a global leader in the development and management of solar energy projects. They are a 50:50 joint venture with bp plc, working together to help drive the world’s transition to low carbon energy through competitively priced and sustainable electricity. With solar set to increase tenfold in the next 20 years, Lightsource bp is well-positioned to capitalize on this growth and enact real change on the global energy landscape through responsible solar projects. The team is comprised of 500 industry specialists, active across 13 countries – providing a full-service to their customers from initial site selection and permitting through to long-term management of projects.For more information visit lightsourcebp.com, follow us on Twitter @lightsourceBP and Instagram @lightsourcebp, or view our LinkedIn page.Forward Looking StatementsThis press release contains forward looking statements. These statements are not historical facts but rather are based on the Company’s current expectations and projections regarding its business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual results may differ materially from those in the forward looking statements as a result of a number of factors.Media Contact: James McCusker, 203-585-4750 jmccusker@soleburytrout.com Investor Relations Contact: 505-437-0010 investors@arraytechinc.com

  • Now’s the Time for Caution When it Comes to Array Technologies
    InvestorPlace

    Now’s the Time for Caution When it Comes to Array Technologies

    Array Technologies (NASDAQ:ARRY) is a play on the solar sector, and that sector has moved higher over the past four years — despite President Donald Trump’s benign neglect. What’s more, it’s natural to believe that the likely Joe Biden administration will be friendlier to solar and other renewable energy sectors. But does that mean it’s time to dive into Array Technologies stock? I’m not so sure. Source: Shutterstock To be completely transparent, I didn’t know much about Array until I researched for this article. But here’s what I found out. This company is a pure-play in the solar sector. However, it doesn’t make the panels themselves. Instead, Array makes trackers, which are integrated systems that move solar panels throughout the day. Using this technology, solar panels can capture as much energy as possible. For context, fellow InvestorPlace contributor Thomas Yeung writes that solar panels installed on trackers “can generate up to 25% more energy than stationary ones.”InvestorPlace - Stock Market News, Stock Advice & Trading Tips There are a number of competitors in this space. However, Array appears to have a competitive advantage because its trackers only use one motor. So, why am I so skeptical? Array Technologies Stock Went Too Far, Too Fast One of the concerns I have with buying Array at the moment is that the stock is still in the halo of its initial public offering (IPO). To be clear, I have nothing against dabbling in IPO stocks. However, prior to Array’s recent price spike, the stock was down significantly from its post-IPO high. 7 High-Yield Dividend Companies to Invest in During the Pandemic What’s more, Yeung did a little back-of-the-envelope math that shows me the long-term outlook for Array Technologies stock pushes pretty close to its $22 pre-IPO price. And, as Yeung points out, for the company to justify its current valuation, it will need additional products that do not yet exist. Plus, investors may be in for a rude awakening when Array exits its lockup period in April 2021. As Will Ashworth points out, one of the company’s largest stockholders — Oaktree Capital (NYSE:OAK.PB) — would be well advised to cash out: “Post-IPO, it owns 43.3 million shares that it must hold until mid-April 2021. Those are currently worth $1.64 billion based on a $37.82 share price. Assuming this share price in six months, Oaktree will have total net proceeds of $2.1 billion from a $482 million investment, a return of 600%.” Is The Solar Rush Coming? As I write this, it appears likely that Joe Biden will be elected the next President of the United States. How does that affect solar? It may seem obvious, but Biden has made it no secret that renewable energy will be a focus of his administration. And that could lead to a big rush on solar stocks. So that would mean now is the time to jump on Array Technologies stock, right? Well, maybe not. Knowing investors in the stock have ignored valuation for much of the year, it’s hard for me to jump on the train on campaign promises alone. What Will the Economic Recovery Look Like? I mentioned earlier that renewable energy stocks in solar and wind grew, even while being largely ignored by the Trump administration. One reason for that growth is the strength of the underlying economy. Regardless of which candidate wins the election, we are heading into an uncertain economic time. And with community spread of the novel coronavirus flaring up throughout the nation, there is a growing drum beat for — at the very least — targeted lockdowns. Positions change, but Biden has expressed agreement with this plan. On top of that possibility, even when we do have a widely available vaccine there will be many businesses that have vanished forever. Plus, the nature of any company’s workforce is likely to change significantly, given these economic ripples. All that in mind, I’m not sure that getting into Array Technologies stock — which already has some unsure footing — is the best move. You Can Wait on Array Renewable energy will be a theme of the next decade — that much is for sure. Solar and wind have already been dispelling the notion that they are not cost-effective energy sources. That may tempt you to buy Array Technologies stock as a long-term play on the solar sector. But I advise caution. The stock looks overbought and its product will be facing evenly priced competition. Array also doesn’t appear to have anything in its pipeline to justify the current valuation. Finally, the economy may not be conducive to growth, even with a potentially favorable political climate. I’m an optimist by nature and I hope for the best. However, I’m preparing my finances for the worst, including my portfolio. I’m not sure that solar can fit in with that. On the date of publication Chris Markoch did not have (either directly or indirectly) any positions in the securities mentioned in this article. Chris Markoch is a freelance financial copywriter who has been covering the market for over six years. He has been writing for Investor Place since 2019. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company Daily Picks: Stocks to Buy Ahead of the Election The post Now’s the Time for Caution When it Comes to Array Technologies appeared first on InvestorPlace.

  • ACCESSWIRE

    Array Technologies Inc to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / November 6, 2020 / Array Technologies Inc (ARRY) (NASDAQ:ARRY) will be discussing their earnings results in their call to be held on November 6, 2020 at 8:00 AM Eastern Time.